JUPITER PRICE ANALYSIS & PREDICTION (February 27) – Jup Recovers Slightly From a Year Low, Posts 5% Gains Today
Jup posted a slight gain today due to a little retracement but is likely to face a rejection soon. Failure to resume bearish could lead to a shift capable of bringing the bulls back on track.
Mirroring Sol’s pattern in the past weeks, Jup continued to show signs of weakness as it fell to $0.634, revisiting its July 2024 low. However, it has marked resistance there and has recovered to where it is changing hands at $0.73 at the time of writing.
Meanwhile, its bearish pattern is still in play but is likely to end soon as it appears reaching an exhaustion point. As we can see, the impulsive move has shortened significantly compared to when it initiated drops last month. This indicates signs of reversal, though is yet to materialize.
While the retracement move also appears weak, it may face resistance at $0.755. A drop from there could lead to an extension. But from the look of things, the selling may end at any moment.
Should the bulls take advantage by pushing well above the $0.8 level, we may see a slight change in the trading levels. A continuous increase above this level could validate a shift to the upside.
That may facilitate a new bullish impulsive move on the daily chart. If that happens, we may consider a temporal trend shift until it reclaims last month’s high. Nevertheless, the trend is still in a downward range.
JUP’s Key Level To Watch
The latest surge in volatility is supported by the holding $0.634 level. If it fails to bolster, we may see a breakdown to $0.6 and perhaps $0.55 in the future.
If the bulls manage to push well above $0.8, the close resistance level to watch is $0.913, followed by $1.075 and $1.28 – last month’s high.
Key Resistance Levels: $0.8, $0.913, $1.075
Key Support Levels: $0.634, $0.6, $0.55
- Spot Price: $0.733
- Trend: Bearish
- Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any Metaverse crypto coins.
