- Jupiter seemed to have a bullish structure on lower time, but can lack trend on the daily graphic
- Thermal liquidation cards complied with the observed beach formations
The repurchase plan that Jupiter (JUP) announced was followed by a sharp increase of 12.2% on Friday. This news should have an additional positive impact on the request for JUP and the use of the platform.
Despite the sharp increase on Friday, however, price prospects are not quite firmly optimistic in the short and medium term. In the coming weeks, levels of $ 1 and $ 1.3 should set an important obstacle to Bulls.
Jupiter swing traders can wait 1 $ 1 to support
Source: JUP / USDT on tradingView
Since last July, the JUP price action has revolved around the Haussier control block at $ 0.75 (highlighted in Cyan). In the north, the resistance area of $ 1.3 has always held the JUP Bulls remotely.
The directional movement index revealed certain periods of strong trends, but these have not broken the extremes described here. Trading volumes in the last month were much higher than in previous months.
And yet, the price of JUP went to the region from $ 0.75 to $ 1.15 – an area that has had key levels of Fibonacci. The impressive oscillator showed momentum was a lowering, but starting to change in a bullish way. In addition, the DMI has also not pointed out a strong trend in progress at the time of the press.
Source: Coringlass
The 3 -month liquidation thermal card revealed that the rapid fall in early February swept all key liquidity clusters in the south. Since then, a magnetic area has formed just under $ 0.8, but was not an immediate target.
A notable observation is the liquidation group around $ 1.3. Together, this is proof that Jupiter Bulls would probably have trouble getting out of the last six months beach.
Source: Coringlass
The 2 -week liquidation thermal card described the presence of liquidation levels around the psychological level at $ 1. This magnetic area could attract prices before a downward reversal. Therefore, swing traders should be wary of JUP rejection from $ 1.
Notice of non-responsibility: The information presented does not constitute financial investments, exchanges or other types of advice and is only the opinion of the writer
