Jupiter (JUP), a decentralized exchange (DEX) aggregator built on the Solana blockchain, has recently made headlines by breaking through the $1 mark. This significant price movement has interest among traders and investors alike, with many wondering about the next key targets for JUP as it continues its bullish trend.
Jupiter has been on a bullish trajectory, trading within the upper half of the Bollinger Bands for nearly ten days. This persistent positioning reinforces the bullish bias in the market. After flipping the $1 area from resistance to support, the token has shown resilience and potential for further gains.
From a broader perspective, Jupiter has rallied 65% since July 8. This significant uptick marked a shift in market structure, especially after breaching the $0.8 resistance level. Despite wild volatility observed on July 4, the overall bullish sentiment remains intact.
The immediate target for Jupiter is the bearish order block in the $1.2-$1.3 zone. This area has acted as resistance since mid-April and represents a significant hurdle for JUP. Indicators on the 12-hour chart remain firmly bullish, suggesting that the rally could extend beyond $1.
However, traders should be cautious of the relatively low trading volume. The current volume is lower than what was observed during the rallies in February and March, indicating that the bullish sentiment might not be as widespread as the price action suggests. This could lead to short-term volatility and price dips, potentially testing the 20-period Simple Moving Average (SMA) of the Bollinger Bands.
Jupiter’s price has been consistently trading in the upper half of the Bollinger Bands for the past nine days, signaling strong bullish momentum. The 20-period SMA (orange line) could serve as a critical support level in the event of a pullback. A test of this support could provide a buying opportunity for traders looking to capitalize on the bullish trend.
The liquidity analysis reveals magnetic zones beyond the $1 mark, beckoning Jupiter towards higher levels. The $1.2 and $1.4 levels align well with the bearish order block target from the price chart, making them the next significant resistance zones to watch.
The short-term liquidation levels show a significant skew toward long positions. The cumulative liquidation levels are high, which could set the stage for a long squeeze. If this occurs, the $0.97-$0.98 region is expected to serve as a robust support level. Once the Futures participants balance out, Jupiter could have the room to expand higher, targeting $1.2 and potentially $1.4.
The recent price action and technical indicators suggest a bullish outlook for Jupiter. However, the relatively low trading volume raises some concerns about the sustainability of this rally. Traders should keep an eye on key support and resistance levels, as well as liquidity clusters, to navigate the potential volatility.
The $1.2-$1.3 resistance zone will be a critical test for JUP. A successful breakout above this level could pave the way for further gains, potentially targeting $1.4. Conversely, failure to breach this resistance could result in a pullback to the $0.97-$0.98 support zone.
Jupiter’s recent price movement has been promising, with the token breaking the crucial $1 mark and showing strong bullish momentum. As it approaches key resistance levels, traders and investors should remain vigilant and monitor the market closely. The next few days will be critical in determining whether JUP can sustain its upward trajectory and achieve the next price targets of $1.2 and $1.4.
A finance graduate, Maheen Hernandez has been drawn to cryptocurrencies ever since Bitcoin first emerged in 2009. Nearly a decade later, Maheen is actively working to spread awareness about cryptocurrencies as well as their impact on the traditional currencies. Appreciate the work? Send a tip to: 0x75395Ea9a42d2742E8d0C798068DeF3590C5Faa5
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