Jupiter (JUP) Price Surges, Eyeing Key Breakout
Jupiter (JUP) is experiencing a significant rally, gaining over 10% on Monday as it approaches a critical descending trendline. This potential breakout could signal further upward momentum for the cryptocurrency.
Positive On-Chain Metrics Fuel Optimism
- Price Surge: Jupiter’s price jumped 10% on Monday, nearing a key descending trendline.
- Open Interest Soars: Data from CoinGlass reveals that JUP’s open interest (OI) has reached $160.43 million, the highest level since February 21st.
- Technical Outlook: The technical perspective suggests an imminent recovery, driven by bullish sentiment among traders, targeting a price level of $0.87.
The surge is supported by a substantial increase in JUP’s open interest (OI), reaching a three-month high of over $160 million, according to CoinGlass. This indicates fresh capital entering the market and fueling the current price recovery.
“Rising open interest suggests new money flowing into Jupiter, potentially driving the price higher.”
Coinglass data shows the OI of futures on JUP across exchanges increased to $160.43 million on Monday from $122.72 million on Sunday, the highest level since February 21. An increasing OI represents new or additional money entering the market and new purchases, which could boost Jupiter’s ongoing price recovery.
Another bullish signal is JUP’s long/short ratio from Coinglass, which stands at 1.24, the highest level in over a month. This ratio above one reflects a bullish sentiment in the markets, as more traders are betting on the asset’s price to rise.
Jupiter Price Forecast: Bulls Aim for $0.87
Jupiter’s price is surging, approaching a descending trendline formed by connecting multiple highs since early December. A breakout above this trendline typically favors bulls and indicates an upward trend.
If JUP breaks above this trendline and closes above the weekly resistance at $0.67 on a daily basis, it could extend gains by 28% to retest the 50% Fibonacci retracement level at $0.87 (drawn from the December high of $1.44 to the April low of $0.30).
The Relative Strength Index (RSI) on the daily chart is trending upwards at 66, indicating strong bullish momentum still below overbought levels. Additionally, the Moving Average Convergence/Divergence (MACD) indicator showed a bullish crossover last week. It also shows a rising green histogram above its neutral level, indicating an upward trend.
However, if JUP faces a pullback around the descending trendline, it could extend the correction to retest the 50-day exponential moving average (EMA) at $0.50.
Stay ahead of the curve in the fast-paced crypto world – explore the latest updates and trends at Cryptonewsfeeds.com.
