The Jupiter (JUP) token made a double bottom formation around $0.700 and saw a notable recovery in the last few weeks. It has retested the $1 mark and gained momentum.
Following the shift in the market dynamics and improved sentiments, the JUP token price recuperated from its bottom. It turned back over 50% in the last two weeks.
A bullish crossover was spotted, and the token climbed above the key moving averages. Notably, the token reached the cluster of $1 and was poised for a significant upmove.
A sustained potential upmove can be seen ahead once the JUP price comfortably crosses the $1 mark. Its technicals conveyed a potential trend reversal and anticipated an upward move ahead.
Interestingly, the token was on the brink of a breakout and looked bullish on the chart.
However, bulls have gained traction and accumulated the coin from its bottom. They have been eyeing to breach the $1.30 for a massive bull rally ahead.
How is the JUP Price Performing Right Now?
At press time, the Jupiter price traded at $0.959 with an intraday drop of 4.20%, reflecting neutrality on the charts. Its trading volume surged over 36.20% to $120.37 Million in the last 24 hours.
The pair of JUP/BTC was at 0.0000150 BTC, and the market cap was $1.30 Billion. Analysts were neutral and suggested that the JUP price may deliver a sharp rise above the $1.30 mark ahead.
Regarding the market cap, JUP was ranked at 66 and has a total supply value of 10 billion.
Jupiter (JUP) Gained Strength: Rally Imminent?
The Jupiter token’s price action showed a significant accumulation and revived from its bottom mark of $0.7000. Notably, the token has made a double bottom and recovered from the demand zone.
However, a significant slippage of over 4% was noted in intraday. The sellers firmed their grip around the $1 mark and decisively defended the zone.
The RSI curve showed a vertical spike to the overbought zone and a significant reversal on the chart.
@CryptoTony, in his post on X, shared an update on JUP; he gave his bullish outlook on it and guided the upward projections.
Per the Fib levels, the token has an immediate 38.2% zone that exists near the $1.05. Above it, the token could extend its bullish leg ahead.
What Do On-Chain Metrics Say?
The Weighted sentiment data revealed a dip, and the value dragged below the zero line, noted at -0.32. It indicated a negative sentiment and dilemma among the investors.
Likewise, the development activity data noted a significant drop in the higher levels. It plotted the drop in growth parameters in the JUP’s ecosystem.
The social dominance curve remained below the midline on the Social Front. It projected a decline in media discussion and chatter among investors.
Its Open Interest data surged over 5.15% to $63.48 Million, which signified fresh long additions in the last 24 hours.
The immediate support levels for the JUP token have been $0.9530 and $0.9300. In comparison, the key upside hurdle was around $0.9800, followed by $1.10.
JUP Token Price Placed Above Significant Moving Averages
The JUP token price comfortably placed above the significant moving averages and displayed a potential bullish reversal pattern.
Once it crosses the $1 mark, the token may resume to spread the bullish wave, and a significant upsurge can be seen ahead.
