Jupiter (JUP) technical analysis: Strong support at $0.94, upside ahead

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

In our previous analysis, Jupiter was struggling to break above the critical $1 psychological mark. However, since then, $JUP successfully broke through, reaching a high of $1.11 on 24th October. The previous resistance zone of $0.94 has now flipped into a strong support level, as seen with price consistently taking support from this area.

Daily timeframe analysis

• Recent Price Movement: After breaking above the $1 level, $JUP pushed to a high of $1.11 before pulling back slightly. It has retested the $0.94 support zone and held up well, showing strength in this area.
• Higher Highs and Higher Lows: The structure on the daily timeframe shows a clear pattern of higher highs and higher lows, indicating a continued uptrend. The asset is currently trading at $1.03, attempting to hold above the crucial $1 mark.
• Next Targets: If $JUP manages to sustain above the $1 region, the next target lies at $1.22 in the short to medium term. Beyond that, there is clear space for $JUP to move higher, potentially testing its all-time highs (ATH).

Cryptonary's take

Despite the wider market showing signs of consolidation, $JUP is demonstrating strength by breaking through key resistance levels and maintaining its uptrend. The price action has been consistent, with the support at $0.94 acting as a solid base. However, monitoring the price action around the $1 level will be crucial.

A sustained hold above this level could set up $JUP for another rally. On the downside, keeping an eye on the $0.94 support zone is important, as any break below could indicate a shift in momentum.