Jupiter’s price is about to experience a key breakout from a descending channel. This could lead to a major spike in a short period. As noted by World of Charts, this breakout could drive the JUP price to $2.
Based on the chart posted by World of Charts, Jupiter is breaking through a bullish flag pattern, a technical formation that typically precedes continued upward momentum. The analyst points to the clear breakout from the consolidation phase, which has been forming as a downward-sloping channel on the 12-hour timeframe.
The crypto analyst emphasizes the significance of this breakout, noting that JUP is already moving in the anticipated direction. Breaking down the technical structure, he identifies the flag pattern’s formation and subsequent breakout as key indicators supporting the bullish outlook.
A detailed examination of the chart reveals a flagpole height of approximately 0.55 USDT, representing a 49.34% move. Based on traditional technical analysis principles, the analyst suggests that this breakout could propel Jupiter’s price toward the $2 target.
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The analysis identifies critical price levels, with immediate resistance zones between $1.20-$1.30. The price is breaking this level, and a successful breakout is expected to start a stronger rally. World Of Charts analysis shows that the overall trend remains firmly bullish, supported by the recent break above the consolidation pattern.
Investors must consider the potential risks of such formation too. This includes the possibility of a failed breakout and the influence of broader market conditions on price action.
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