Jupiter(JUP) has continued to surprise many with its unstoppable rally as investors and traders turn their attention to the token. The Jupiter token has gone ballistic, soaring 8% in the last 24 hours and 18% in the past seven days. At the time of writing, Jupiter was trading at $0.9412, with its 24-hour trading volume down 3% to 144 million. The mismatch between price movement and trading volume often signals a lack of adequate conviction among the JUP bulls.
However, various crypto investors and traders are hopeful for further upside as altcoins reflect the broader optimism in the crypto market. Bitcoin’s price is now at $65,251, 2.7% up at the time of writing.
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Meanwhile, Whales Crypto Trading, a crypto trader and investor, has taken to the X platform, mentioning his optimism about the token. He has noted that a price target of $1.45 is possible once Jupiter breaks out.
Jupiter has confirmed the formation of a falling wedge pattern🧐
Await a clean breakout from this pattern📈
Price target after a breakout is $1.49🎯
Another potential price target is $1.80🚀
👇Crypto Traders-join Telegram👇 https://t.co/caOlZBzS3k
. pic.twitter.com/cxYl8qry7R— Whales_Crypto_Trading 🐋 (@WHALES_CRYPTOx) July 17, 2024
Jupiter Statistical Data
Based on Coinmarketcap data:
- JUP price now – $0.9412
- JUP market cap – $1.27 billion
- JUP total supply – 10 billion
- JUP circulating supply – 1.35 billion
- JUP ranking – #67
The Jupiter price has broken its long-term downtrend, leading to a bullish reversal in the market. The bulls have gained strong support at $0.7488, enabling them to push the price up in a rising channel.
Technical Indicators Suggest Dwindling Selling Pressure
JUP token is trading with a bullish bias within the confines of a rising channel. However, with the token already in the overbought zone, Jupiter’s price might experience a slight retracement before pumping up again. Based on the technical indicators, Jupiter’s price trades well above the 50-day Simple Moving Average (SMA) in (green) and the 200-day Simple Moving Average (SMA) in (blue). This suggests dwindling seller momentum, reinforcing the bullish outlook in the market.
Moreover, the Relative Strength Index(RSI) suggests intense buying pressure, with its strength at 72. Welles Wilder says an asset is only ripe for selling once the RSI exceeds the 70 threshold. As the RSI remains above the 70 threshold, there is no more room to the north as the JUP token is considered overbought and due for a correction.
In the same way, the Moving Average Convergence Divergence (MACD) reinforces the bullish picture as it has crossed above the signal line(orange band). Such a move is often interpreted as a buy signal, and traders heeding this call could energize the bullish momentum.
Jupiter Price Prediction As The Bulls Are Eyeing The $1.00 Mark
In the 4-hour chart analysis, all factors, such as technical indicators, favour the buyers. If the bulls keep up with the buying pressure, the JUP price could break above the upper boundary of the rising channel. In such a scenario, Jupiter’s price could hit $1.00 in the next 24 hours.
On the flip side, if the sellers step in and take advantage of the ripe RSI, the Jupiter price could face a slight correction. In such a scenario, the Jupiter price could sink to retest the $0.8411 support. In a highly bearish case, the bears could breach the lower trendline of the aforementioned pattern to $0.7488.
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