Altcoins, including #Jupiter ($JUP), experience a bullish surge overnight, with JUP forming a morning star pattern in its daily chart.
Despite a substantial 41.50% drop last month, $JUP fails to breach $2.000, dipping below $1 due to increased supply amid a market correction.
During the downtrend, JUP forms a descending triangle on the 4-hour chart, delineated by a robust resistance trendline.
Notably, on the daily chart, JUP exhibits a Three White Soldiers pattern, suggesting potential further gains.
A rebound from the $0.850 support zone signals a trend reversal for JUP, supported by bullish RSI divergence and a double bottom formation.
#Jupiter gains momentum by breaking above the trendline and surpassing the 100-period EMA, indicating a possible shift from bearish to bullish sentiment.
Sustained buying pressure above the 100 EMA could drive JUP towards $2.000, although resistance may emerge around $1.250.
According to Coingabbar analysis, Failure to breach the $1.250 resistance zone may trigger selling pressure towards the $0.850 levels.
KEY LEVELS :
RESISTANCE LEVEL : $1.250-$1.800
SUPPORT LEVEL : $0.850-$0.650
Disclaimer: Coingabbar's guidance and chart analysis on cryptocurrencies, NFTs, or any other decentralized investments is for informational purposes only. None of it is financial advice. Users are strongly advised to conduct their research, exercise judgment, and be aware of the inherent risks associated with any financial instruments. Coingabbar is not liable for any financial losses. Cryptocurrency and NFT markets could be highly volatile; users should consult financial professionals and assess their risk tolerance before investing.
