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The Jupiter crypto price dropped over 1% in the past 24 hours to trade at $1.05 at press time.
Jupiter Crypto Price Loses Support
4-hour chart for JUP/USDT (Source: TradingView)
In the recent trading sessions on the 4-hour chart, the Jupiter crypto price has displayed notable fluctuations, reflecting a dynamic shift in investor sentiment and market dynamics. The latest closing prices illustrate a volatile journey from $1.1, peaking at $1.1207, before a sharp decline to $1.0447. This swift change has brought both challenges and opportunities to the forefront for traders.
The 9 Exponential Moving Average (EMA) and the 20 EMA reveal significant insights into the short-term momentum of JUP. The 9 EMA, after a gradual rise from $1.0684 to $1.0913, dipped to $1.0820, reflecting the recent price drop. Concurrently, the 20 EMA showed a similar pattern, peaking at $1.0843 before slightly retreating to $1.0805. The convergence of these EMAs suggests a potential resistance zone around $1.0792, a level that could serve as a pivotal point for future price action.
The Moving Average Convergence Divergence (MACD) indicator further corroborates the mixed signals in the market. While earlier readings indicated a bullish trend with the MACD line crossing above the signal line, the latest values show a narrowing of this gap, suggesting a potential slowdown in upward momentum. The histogram, although still positive, has decreased in height, indicating a decrease in bullish momentum.
The Relative Strength Index (RSI), having climbed from 56.14 to a high of 60.14, sharply reversed to 43.28. This descent below the neutral 50 mark reflects increased selling pressure, likely triggered by the recent price drop and profit-taking by traders.
Key Levels to Watch
Focusing on key technical levels, the immediate resistance is found at $1.0746, with a more significant barrier at $1.0792. Should bullish momentum resume, surpassing these levels could validate a further uptrend. On the downside, support levels at $1.0441 and $1.0223 will be critical. A break below these could intensify selling pressure, making them vital markers for traders considering short positions.
Given the current technical setup, traders might consider entering long positions if the Jupiter crypto demonstrates strong rebound signals above $1.0451, targeting resistance levels for potential exits. Conversely, a break below $1.0441 could warrant short positions, with $1.0223 as a prospective target for bearish plays.
While the market presents mixed signals, the confluence of volume, MACD, and RSI indicators suggest that traders should remain vigilant and responsive to price changes around key technical levels. Both bullish and bearish opportunities exist, contingent on the market’s reaction to these critical junctures.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Ecoinimist is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
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