JUP Set to Explode with Massive Potential Key Milestone Approaching Doubling is Within Reach

CoinWorld reported:
In the past month, Jupiter (JUP) has risen by 31.72%. Its daily chart shows that it continues to strengthen, with an additional increase of 11.30%, laying the foundation for a potential breakthrough.


Analysis by AMBCrypto suggests that as long as JUP holds its key support level and market indicators continue to align with its bullish trend, its momentum may further extend.
JUP Market Dynamics: Rise after Fall
According to JUP’s daily chart, although it encountered resistance during its third attempt to break through, it only caused a slight decline, but the asset is still in a potential rebound position.
However, this period of sluggishness is expected to continue for some time as increased selling pressure may push JUP further down to the support level of 0.9158, where a large number of buy orders may come in.
If JUP reaches this support level, it may trigger a rebound, allowing the asset to overcome the resistance of the downtrend line first.
Subsequently, it may encounter another resistance at 1.847 before moving towards the target of $2.


JUP Technical Analysis: Rise is on the Way!
According to the Money Flow Index (MFI), which measures the inflow and outflow of funds to assess market participants’ behavior, JUP may experience a short-term decline.
The MFI has entered the overbought zone, surpassing the 80 mark, indicating extreme greed in the market. This suggests that a corrective decline is needed to balance the price trend.
It is expected that this decline will fade at the mentioned support level or lead to a reevaluation of the price before the next rise.
Although this period of sluggishness may cause some panic, the Parabolic SAR (Stop and Reverse) indicator indicates that the market sentiment remains bullish, with a series of dots forming below the JUP price. In summary, the expected decline is likely to be short-term, followed by a resumption of the upward momentum.


Meanwhile, the open interest in Jupiter (JUP) has increased by 13.89%, reaching a total value of $126.25 million. Open interest reflects market participants’ behavior, in this case, indicating an increase in long positions and the maintenance of existing long positions. This suggests an overall bullish sentiment in the market.
Furthermore, it is worth noting that when the asset price remains above the cloud, it indicates a strong bullish trend, implying that buyers are in control and the market sentiment is positive. Since October 18th, the price of JUP has remained above the cloud on the daily chart, indicating potential support levels.


This suggests that although there may be a slight pullback, the token price is likely to find support near the cloud, maintaining an upward trend. In addition, JUP’s Aroon Up line is at 100%, confirming the strength of its current upward trend.
The Aroon indicator measures the direction and momentum of a trend, and a reading of 100% on the Up line indicates that the asset has recently hit a new high. For JUP, this marks the highest price point in the past 30 days.
A reading of 100% is a strong bullish signal, indicating a strong upward momentum. Traders interpret this as confirmation of buyer dominance in the market, suggesting that the price may further rise in the near future.


JUP Price Prediction: Purchasing Pressure Needed to Sustain the Uptrend
At the time of writing, JUP is trading at $1.02, close to the key resistance level of $1.09. If buying pressure continues, JUP may break through this resistance level and target the next key barrier at $1.23. A successful breakthrough would lead JUP to aim for a six-month high of $1.38.


However, if profit-taking occurs, JUP may lose its recent gains and fall towards support levels at $0.90 and $0.86 within the Ichimoku Cloud. Breaking these support levels could cause the altcoin to drop to the low point of $0.63 on July 5th.
In summary, the main challenge for JUP is the downtrend line that has triggered three consecutive pullbacks. However, after the expected brief decline, JUP may rise by 100%, reaching a target level of $2. The on-chain technical indicators currently support the bullish outlook, and with the market stabilizing, JUP is expected to reverse its downward trend.