Prominent analyst Crypto Trooper shared on X (formerly Twitter) that JUP’s price is making waves as it recently broke out of a descending triangle, which signals growing investor confidence. Its price climbed to $1.32 before settling around $1.24.
He noted that Jupiter has accumulated over $2 billion in Total Value Locked and processed more than $374 billion in transactions. This surge has fueled speculation about whether JUP can hit its next major resistance at $1.75.
However, technical analysis points to continued growth as the crypto market seems to be moving in a positive direction right now, but investors should stay alert. Market conditions are shifting, and while the current price looks encouraging, cryptocurrency can be unpredictable.
What you'll learn 👉
Jupiter Chart Analysis: Bullish Breakout and Price Action
JUP’s price recently broke out of a descending triangle, a bullish continuation pattern. After hitting an intraday high of $1.3229, the price settled at $1.24, maintaining a strong uptrend. The breakout level of $1.10 now serves as a key support zone, while $1.75 remains a critical resistance to overcome. The chart indicates significant momentum, supported by increased trading volumes that validated the breakout.
The Bollinger Bands reveal heightened volatility, with JUP’s price piercing the upper band. This indicates strong buyer control, although the Relative Strength Index (RSI) near 70 suggests potential short-term cooling. Analysts highlight the importance of consolidation above $1.10 to sustain the bullish trajectory.
Key Indicators Signal Strength
Crypto Trooper pointed to a bullish MACD crossover, with the momentum line crossing above the signal line. This indicates sustained upward momentum. The RSI’s position near overbought levels reflects strong buying interest but warrants caution for short-term corrections.
Additionally, liquidation data revealed that $715,000 worth of short positions were squeezed, adding further buying pressure. This development aligns with a spike in Jupiter’s social dominance, suggesting growing retail interest and community-driven FOMO (fear of missing out).
Read Also: Positive Metrics Align for Ripple (XRP) Bullish Continuation: Expert Predicts Spike to $8
Fundamental Growth Supports Rally
Jupiter’s robust DeFi metrics, including a TVL surpassing $2 billion and transaction volumes exceeding $374 billion, reflect its increasing dominance. These fundamentals are likely to sustain market confidence, supporting further price advances.
With the next target at $1.75, traders and investors remain focused on JUP’s ability to maintain momentum. Short-term retracements may occur, but the overall outlook points toward continued growth, making Jupiter a DeFi token to watch.
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