Triangle Breakout With 6% Surge In JUP Price Eyes $2

The post Triangle Breakout With 6% Surge In JUP Price Eyes $2 appeared first on Coinpedia Fintech News

As the altcoins take a bullish pivot overnight, the JUP price trend forms a morning star pattern in the 1D chart. With this uptrend revival, the Jupiter price is ready for a massive surge this week. 

However, the increased volatility in the market looms as a downfall threat. Will the rising supply hit Jupiter for another drop under $1? Or, will the uptrend continue to $2? Let’s find out more in our JUP price analysis. 

Jupiter Price Performance

With a 47% drop last month, the JUP price fails to cross above the psychological milestone of $2. Instead, the increased supply with the broader market correction leads to a crack below the bottom psychological support at $1. 

Tradingview

Amidst the crashing phase, Jupiter’s price action creates a descending triangle in the 4H chart with a solid resistance trendline. However, the bounce back from the $0.90 demand zone leads to a trend reversal for the Jupiter price. 

With the RSI bullish divergence, the double bottom reversal leads the JUP price for the overhead trendline breakout. The reversal exceeds the 50EMA in the 4H chart and aims to reverse the bearish alignment. 

Currently, the JUP price trades at $1.081 as the recovery rally reclaims the psychological mark. 

Technical indicators:

EMAs: The bearish aligned 50 and 200 EMA in the 4H chart could give a golden crossover, if the uptrend sustains. 

RSI: The daily RSI line shows a positive trend reaching the overbought zone which bolsters the possibility of an uptrend. 

Will JUP Price Breakout Rally Hit $2?

With a breakout rally in the 4H chart and the high anticipation of a broader market bounce back, the JUP price could regain momentum. If the buyers manage to sustain the altcoin price above the 50 EMA, the breakout rally could hit $2 while facing some resistance at $1.36.