Several Solana-based projects have posted huge losses in the past few days, including Jup which is now down by 3% today. A recovery above the previous monthly high should set the stage for a big increase.
Last week, Jup showed signs of strength and went offensive after seeing a notable increase in the volume level. Things escalated positively fast as many traders became optimistic about a possible rally, but the asset faced rejection and the buying pressure faded off quickly.
Interestingly, the $1 level provided support in the past few days and became a critical trading level for Jup since it faced rejection last weekend. Though, like many altcoins, the price currently appears weak.
Losing this critical trading level could cause a serious decline in the price. This could roll the price back to the $0.7 range before picking up again. Failure to bounce back might result in a heavy loss, which may slide the price to a yearly low.
However, Jup’s next move is still indecisive. A push above the previous weekly high should give room for more positive actions daily. Apart from that, we can expect a new high to surface before rallying hard. It is currently gathering momentum for another major swing.
JUP’s Key Level To Watch
Source: Tradingview
On the daily chart, the bulls are still having the upper hand. If they regroup back, the $1.28 level would be their target before charging at the $1.44 resistance on the way up. The $1.6 level is the next resistance to watch.
Losing $1, there’s a minor support at $0.9. A further drop from there could pull us to a low of $0.8, followed by $0.71.
Key Resistance Levels: $1.28, $1.44, $1.6
Key Support Levels: $0.9, $0.8, $0.71
- Spot Price: $1.1
- 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-january-29-jup-negotiates-next-move-as-it-floats-around-1-where-will-it-go/