Jupiter’s [JUP] price action is ‘stuck’ – When will the market trend change?
- Jupiter appeared to have a bullish construction on the decrease timeframes, however could lack a pattern on the day by day chart
- Liquidation heatmaps have been consistent with the noticed vary formations
The buyback plan that Jupiter [JUP] introduced was adopted by a 12.2% worth surge on Friday. This information is predicted to have an extra constructive affect on demand for JUP and the platform’s utilization.
Regardless of the surge on Friday, nevertheless, the value outlook just isn’t fairly firmly bullish within the quick to medium time period. Within the coming weeks, the $1 and $1.3 ranges might be anticipated to pose a big impediment to the bulls.
Jupiter swing merchants can watch for $1 to be flipped to assist
Supply: JUP/USDT on TradingView
Since final July, JUP’s worth motion has revolved across the bullish order block at $0.75 (highlighted in cyan). To the north, the $1.3 resistance zone has constantly held the JUP bulls at bay.
The Directional Motion Index revealed some durations of sturdy developments, however these didn’t break the extremes outlined right here. The buying and selling volumes over the previous month have been a lot larger than within the previous months.
And but, JUP’s worth caught to the $0.75-$1.15 area – A zone which has had key Fibonacci retracement ranges. The Superior Oscillator confirmed momentum was bearish, however starting to shift bullishly. Moreover, the DMI didn’t sign a powerful pattern in progress at press time both.
The three-month liquidation heatmap revealed that the swift drop in early February swept all the important thing liquidity clusters to the south. Since then, a magnetic zone has shaped slightly below $0.8, however was not an instantaneous goal.
A notable discovering is the cluster of liquidations round $1.3. Collectively, it’s proof that Jupiter bulls would doubtless have a troublesome time breaking out of the previous six months’ vary.
The two-week liquidation heatmap outlined the presence of liquidation ranges across the $1 psychological stage. This magnetic zone might appeal to costs earlier than a bearish reversal. Therefore, swing merchants ought to beware a JUP rejection from $1.
Disclaimer: The data offered doesn’t represent monetary, funding, buying and selling, or different kinds of recommendation and is solely the author’s opinion
