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The Jupiter price went ballistic with a more than 19% gain in the past 24 hours to trade at $1.80 at press time.
The Jupiter Price Skyrockets
4-hour chart for JUP/USDT (Source: TradingView)
In recent trading sessions, the Jupiter price has showcased notable bullish momentum, as evidenced by a series of closing prices that reflect a consistent uptrend. From a technical standpoint, the latest data from the 4-hour chart presents a compelling case for potential upward movements in the near future, but also warns of areas of caution that traders should be mindful of.
Starting with the closing prices, the pair has demonstrated a progressive increase: opening at $1.497, it advanced through a sequence of higher closes, culminating at $1.8108. This pattern of growth is further underscored by the moving averages, with the 9 EMA (Exponential Moving Average) moving from $1.4716 to $1.6485, and the 20 EMA from $1.4201 to $1.5334 over the same period. These indicators not only confirm the bullish sentiment but also highlight a growing momentum as the 9 EMA consistently stays above the 20 EMA, suggesting a strong upward trend.
The MACD (Moving Average Convergence Divergence) line has remained above the signal line throughout the observed period as well, with the histogram also indicating increasing bullish momentum.
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The RSI (Relative Strength Index) values have steadily increased from 62.53 to a peak of 79.83 before slightly declining to 78.54. This indicates that while the market is approaching overbought territory, there’s still a strong buying interest, hinting at the possibility of further upward movement.
Short Traders Beware
However, traders should be cautious around the support levels of $1.4686 and $1.2767. A pullback to these levels could serve as potential entry points for long positions, provided the bullish trend continues. Conversely, should the price action show signs of weakness or reversal, these levels could also act as exit points to minimize losses.
For those considering short positions, it would be prudent to wait for confirmed bearish signals, given the current market’s strength. A reversal below the support levels, accompanied by bearish technical indicators, could signal an opportune moment to enter short trades.
In summary, the JUP exhibits strong bullish indicators across the board, from closing prices to MACD, RSI, and volume data. While the potential for further gains seems promising, traders are reminded to keep an eye on key support levels for both entry and exit points. As always, market conditions can change, and it’s crucial to remain vigilant and responsive to new data.
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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