As Bitcoin regains momentum, many altcoins have recovered nicely in the past hours with Jup, which is now showing strength daily. It looks set for another buying phase following a 9% gain since yesterday.
During the last leg up, Jup and some Solana-based utility tokens didn’t see much gains compared to Ray which exploded significantly to a new high after breaking out of a major resistance level.
After several failed attempts to initiate a steady surge, the asset traded under $1.4 due to low volatility, although the mid-term bulls are still in control as it maintain a higher high and higher low pattern.
Following the higher low move that brought a three-week retracement, it found support above $0.98 this week and resurged. Looking at the price actions, which suggested a new buying phase, Jup is likely to create a new higher high at $1.6 before retracing. But if the demand level increases significantly from there, it may rally hard to a new high
From a technical standpoint, it is still gathering momentum from a short-term perspective. Once the price breaks above the yearly high, we can expect an explosive move. As of now, volatility is just flowing back into the market as the bulls gradually return.
JUP’s Key Level To Watch
In the latest surge, the bulls are trying to reclaim the $1.32 level that halted buying two weeks ago. If they overcome it, their next target levels would be $1.49 and $1.623. The key resistance for a break lies at $1.85.
The current bounce back is supported by the $0.982 level, tested on Tuesday. If by any chance the price drops below it, the next level for drops would be $0.913 and $0.83.
Key Resistance Levels: $1.32, $1.49, $1.623
Key Support Levels: $0.982, $0.913, $0.83
- Spot Price: $1.16
- Trend: Bullish
- Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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Source: https://nulltx.com/jupiter-price-analysis-prediction-november-29-jup-bounces-back-after-short-retracement-big-rally-ahead/