Jupiter has been flashing bullish signals lately, much to the delight of traders eyeing further gains. The formation of a ‘cup and handle’ pattern on the chart is a key indicator that many are watching closely.
After a period of impressive gains, Jupiter (JUP) encountered strong selling pressure at a key resistance level, hindering its rally and raising questions about its ability to sustain the upward trajectory.
Despite the recent rally, which saw JUP gain 45.85% over the past month, the token encountered resistance as it attempted to break above the $1.0914 level. This zone absorbed much of the buying pressure, preventing a clear breakout.
Technical analysis suggests that JUP could potentially reach long-term targets of $1.8 if it manages to sustain its bullish momentum and break through the resistance at $1.0914. However, the presence of selling pressure and negative market sentiment indicators presents a challenge to this bullish outlook.
Traders are advised to monitor JUP’s price action closely as it attempts to breach the $1.0914 resistance level. If the token fails to break through this zone and selling pressure intensifies, JUP could face a pullback or even a deeper correction.
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