the past structure in 2024, Jupiter (JUP) investors enjoyed
Price Action Overview Of Jupiter (JUP)
As per the past structure in 2024, Jupiter (JUP) investors enjoyed a strong start. The first quarter saw significant growth, with the price rising from the demand zone at $0.499 to a peak of $1.840 by the end of March, marking a gain of over 330%.
However, the second quarter began on a less positive note. The price declined, breaking the uptrend and forming lower lows, leading to a downward channel on the daily chart. This channel was characterized by sharp movements along its upper and lower borders.
On July 5th, the price hit the lower border and rebounded. Since then, it has maintained a support level at $0.6647, avoiding a return to the demand zone.
Bullish indicators suggest uncertainties. Despite this, in the optimistic case, if the bullish trend continues on the daily chart, the $0.92 level is crucial. Surpassing this level could indicate a Change of Character and a break above the upper border.
The bulls must surpass the trendline resistance to register a breakout over the daily chart. On a sustained breakout, Jupiter may resume its journey towards the higher supply of $1.25, and $1.75 level.
On the lower side, if Jupiter's price breaks below the $0.7 support, it may validate a breakdown, and the price may resume its journey towards the lower support of $0.65 and $0.6.
As per the past structure in 2024, Jupiter (JUP) investors enjoyed a strong start. The first quarter saw significant growth, with the price rising from the demand zone at $0.499 to a peak of $1.840 by the end of March, marking a gain of over 330%.
However, the second quarter began on a less positive note. The price declined, breaking the uptrend and forming lower lows, leading to a downward channel on the daily chart. This channel was characterized by sharp movements along its upper and lower borders.
On July 5th, the price hit the lower border and rebounded. Since then, it has maintained a support level at $0.6647, avoiding a return to the demand zone.
Bullish indicators suggest uncertainties. Despite this, in the optimistic case, if the bullish trend continues on the daily chart, the $0.92 level is crucial. Surpassing this level could indicate a Change of Character and a break above the upper border.
The bulls must surpass the trendline resistance to register a breakout over the daily chart. On a sustained breakout, Jupiter may resume its journey towards the higher supply of $1.25, and $1.75 level.
On the lower side, if Jupiter's price breaks below the $0.7 support, it may validate a breakdown, and the price may resume its journey towards the lower support of $0.65 and $0.6.
Penafian
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