Jupiter (JUP) Price Analysis: Is a $2 Breakout on Horizon?

The post Jupiter (JUP) Price Analysis: Is a $2 Breakout on Horizon? appeared first on Coinpedia Fintech News

As one of the top-performing Solana-based DeFi protocols with rising TVL, Jupiter (JUP) witnessed a ~35% price rally. With the altcoin reclaiming the $1 psychological mark, the uptrend eyes a bullish extension.

Will this trend reversal rally in Jupiter reach the $2 with SMAs ready for a golden crossover? Find out more about Coinpedia’s JUP price analysis. 

Jupiter (JUP) Price Aims $1.50

With a falling wedge breakout rally gaining momentum, Jupiter shows a quick V-shaped reversal. With four consecutive bullish candles, the Jupiter token price has increased by nearly 32% from its 7-day low of $0.83 to the current market price of $1.33. 

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The recovery run reclaims the $1.00 psychological mark and marks a change of characters with the 38.20% Fibonacci level breakout. As the bull run reclaims the $1.00 psychological mark, the post-retest reversal of the falling wedge breakout rally marks a trend reversal. 

Furthermore, the neckline breakout at the 38.20% level increases the chances of a bull run to $1.50 or the 78.60% Fibonacci level. 

Technical Indicators:

MACD: The quick V-shaped reversal leads to a positive crossover between the MACD and signal lines. 

SMA: The growing bullish influence teases a golden crossover between the 50-day and 200-day simple moving average lines. 

Jupiter Price Targets

Based on the Fibonacci levels, the uptrend could aim for the $1.762 or the 100% level, with price targets extending to the $2.00 psychological mark. On the flip side, a post-retest of the $1.0716 breakout is possible, with the next support at $0.9143.

With a trend reversal run, will Jupiter reach the $2 mark? Find out NOW in Coinpedia’s Jupiter price prediction, and subscribe to us for the latest crypto updates. 

FAQs What factors are driving Jupiter’s price rally?

Jupiter’s recent price surge is attributed to a falling wedge breakout, reclaiming the $1 mark, and positive technical indicators like the MACD crossover.

What are the key price targets for Jupiter?

Analysts are targeting $1.50 and potentially $2.00 based on Fibonacci levels, with crucial support at $1.0716.

How do moving averages influence Jupiter’s price prediction?

A golden crossover between the 50-day and 200-day SMAs signals a bullish trend, indicating potential further price increases.