Jupiter’s JUP price action is ‘stuck’ – When will the market trend change?

Following the announcement of a buyback plan by Jupiter [JUP], the price experienced a notable 12.2% surge last Friday. This positive news is anticipated to further boost the demand for JUP and enhance the platform’s utility.

Despite the surge witnessed on Friday, the short to medium-term price outlook does not appear unequivocally bullish. In the upcoming weeks, it is likely that the price levels of $1 and $1.3 will act as significant hurdles for bullish momentum.

Strategies for Jupiter Swing Traders

Since July of last year, JUP’s price movement has predominantly centered around the bullish order block situated at $0.75 (highlighted in cyan). The resistance zone at $1.3 has consistently thwarted the efforts of JUP bulls to push the price higher.

While there have been some instances of strong trends indicated by the Directional Movement Index, they have not managed to break the established boundaries. Trading volumes over the past month have notably exceeded those of previous months.

Despite this, the price of JUP has remained within the $0.75-$1.15 range, an area that contains significant Fibonacci retracement levels. The Awesome Oscillator has indicated a bearish momentum, although there are signs of a potential bullish shift. Furthermore, the DMI has not yet signaled a clear uptrend at the current time.

Examining the 3-month liquidation heatmap, it becomes apparent that the sharp decline witnessed in early February had led to the displacement of essential liquidity clusters towards lower price levels. A magnetic zone has since formed just below $0.8, although it is not an immediate target.

Particularly noteworthy is the concentration of liquidations around the $1.3 mark, indicating the challenges Jupiter bulls are likely to face in breaking out of the prevailing six-month range.

Analysis of the 2-week liquidation heatmap points to the presence of liquidation levels near the psychological barrier of $1. This magnetic region could draw prices before a potential bearish reversal. Accordingly, swing traders should exercise caution in response to a possible rejection of JUP from the $1 price level.

Disclaimer: The opinions presented are solely those of the author and do not constitute financial, investment, or trading advice.