While Bitcoin and Ethereum Dip, Jupiter (JUP) Rockets Over 30% in Massive Price Surge

The cryptocurrency market has seen a broad correction today, with Bitcoin (BTC) and Ethereum (ETH) both down around 3-4%. However, one notable exception is Jupiter (JUP), which has pumped over 30% and is currently trading around $1.20 at the time of writing, blasting through previous resistance at $1.0854. This price level matches JUP’s all-time high.

To analyze this price action, we’ll take a look at commentary from the trader “MarsSignals” on TradingView:

“Analyzing the 1-hour JUP/USDT chart: The overall trend appears to be bullish, as indicated by the recent higher highs and higher lows…The MACD line is very close to the signal line, indicating that momentum is somewhat neutral with a slight bullish bias…The RSI is around 55, which is neither overbought nor oversold, suggesting that there may be room for the price to move in either direction without immediate pressure.”

MarsSignals identified a key resistance level at $1.0854 (R1) where JUP had faced selling pressure previously. However, JUP has now broken through that level. The next resistance lies at $1.3169 (R2). Support levels remain at $0.8612 (S1) and $0.7246 (S2).

The trader previously noted the current pullback could present a long entry opportunity if JUP retested the S1 level and found support. With JUP now blasting through R1, MarsSignals stated:

“If the price reverses and begins to move upwards, I would look to R2 at $1.3169 as the next target where I might take partial profits or assess the strength of the upward momentum. A break above R2 could indicate further upside potential, depending on the volume and buying pressure observed.”

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In conclusion, Jupiter has shown immense bullish strength by pumping over 30% to new all-time highs today, slicing through the $1.0854 resistance level. The next key level to watch is the $1.3169 resistance, with the potential for further upside if buying pressure and volume remains strong on a break above that level. Traders will also keep an eye on the support levels at $0.8612 and $0.7246 in case of a pullback from these highs.

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Petar Jovanović
Petar Jovanović

As the Head of Content at Captainaltcoin, I bring years of experience in the crypto industry. With a strong belief in the potential of the web3 market since 2017, I'm passionate about sharing valuable insights and knowledge. Feel free to connect with me on LinkedIn and let's discuss the exciting world of cryptocurrencies and decentralized technologies!