Jupiter (JUP) technical analysis: Can JUP test $1.22 resistance?

Disclaimer: This is not financial or investment advice. You are responsible for any capital-related decisions you make, and only you are accountable for the results.

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Overview:

Jupiter ($JUP) has shown considerable strength since our last analysis when it was trading at $0.89 and facing resistance at the $0.94 level. Since then, the price has broken through this resistance level, and the key psychological resistance is now being tested at $1.

This recent breakout indicates bullish momentum in the asset, especially as it establishes a base above the $0.94 support level. With the wider market also showing signs of strength, Jupiter's price action looks promising for further continuation in the medium term.

Current market outlook

During the daily timeframe, Jupiter demonstrated bullish momentum by breaking above the crucial $0.94 resistance, which now acts as a solid support zone. The next key resistance is the psychological $1 mark, which the price is currently battling.

Holding above the $0.94 support level while consolidating at the $1 mark is a positive sign for Jupiter's short-term price action. If the asset can break above $1, it opens the door for a potential rally toward the next resistance at $1.22.

In the 4-hour timeframe, Jupiter attempts to form a base above the $0.94 level, which further solidifies the bullish sentiment. The ability to establish a support level here is crucial for maintaining upward momentum.

The key point to watch now is whether Jupiter can hold above the $0.94 level and push through the $1 psychological resistance, which would signal a continuation of the bullish trend.

Key levels

• Upside resistance:
  • $1.00 (Psychological Resistance)
  • $1.22 (Next Major Resistance Level)
• Downside support:
  • First support: $0.94 (previous resistance turned support)
  • Next support: $0.88 - $0.87 region, which aligns with the 200 EMA on the daily timeframe. This confluence between support and the 200 EMA makes it a strong area for potential buyers.
  • Further support: $0.81 region, acting as a secondary support level if Jupyter fails to hold above $0.87.

Potential scenarios

1. Bullish scenario:
   • If Jupiter continues to sustain above the $0.94 level and breaks above the $1 psychological resistance, we could see a rally toward the $1.22 resistance level in the short to medium term.
   • A confirmed close above the $1.22 level would open the door for further upside momentum and possibly higher targets in the long term.
2. Bearish scenario:
   • If Jupiter fails to hold above the $0.94 support, a pullback to the $0.87-$0.88 region is likely, with this zone providing a solid base due to its confluence with the 200 EMA on the daily timeframe.
   • Should this support level break, the next strong support to watch will be the $0.81 region, which has historically acted as a strong base for price action.

Cryptonary's take

Jupiter ($JUP) has broken out from key resistance levels and is gaining momentum in the current market conditions. While the $1 psychological resistance poses a challenge, the bullish sentiment remains strong as long as the price sustains above the $0.94 support level.

With the 200 EMA on the daily timeframe aligning with the $0.87 support zone, this area offers solid protection in the event of a pullback.

Given Jupiter's bullish structure and the potential for continued upside, it's worth monitoring the price action closely for either a breakout above $1 or a retest of lower support levels around $0.87. Although the asset looks strong, trade