Despite the crypto industry displaying a bullish price action within the past day and the JUP price adding approximately 5% during this time, it continues to trade under a strong bearish influence in the long-term perspective, raising concerns about its future prospects.
With a constant rise in price volatility within the crypto market, will Jupiter price plunge below the $1 mark this month or prepare to test a new all-time high (ATH) by surpassing the $2 mark this year?
JUP Price On The Verge Of A Major Breakdown?
Following the cross-border market correction, the Jupiter token recorded a significant correction in its valuation, resulting in this altcoin plunging toward its crucial support level of $1 during the previous week.
Following this, the bulls recorded a bounce back in the chart, but the JUP price faced rejection at its resistance trendline of the symmetric triangle pattern. Since then, the price has been trading under a bearish sentiment.
Despite recording a correction of 7.91% within the past seven days, the JUP price has added 6.71% over the past 30 days. Moreover, the Jupiter token has formed a symmetric triangle pattern in the 4H time frame by recording constant lower highs in its price chart, indicating increased bearish influence.
Further, the JUP coin price is on the path of testing its support trendline, the outcome of which is unpredictable. The Cross EMA 50/200-day acts as a resistance to the price chart, indicating a strong bearish price sentiment in the crypto space.
On the other hand, the MACD displays a constant flatline in the chart, highlighting a weak price action for the Jupiter price in the crypto industry. Moreover, the averages show a high possibility of a bearish convergence, suggesting uncertainty in future price action.
Will Jupiter Price Go Up?
If the bulls break out of the symmetric triangle pattern, the JUP price will test its resistance level of $1.1390 this week. Maintaining the price at that level will set the stage for the Jupiter token to retest its yearly high of $1.2150 this month.
Conversely, if a bearish trend reversal occurs, the Jupiter price will plunge toward its support trendline by breaking down its support level of $1.0560.
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