Direction
Long
Published
October 19, 2024
Status
Token
JUP
Trigger
Chart Pattern
Type
Trade Strategy
Updated
About + Tokenomics
Token Name | Jupiter |
Symbol | JUP |
CoinMarketCap Rank | 63 |
Market Cap | 1.17B |
Volume 24h | 52M |
Total Supply | 10B |
Circulating Supply | 1.35B |
Chart Analysis
Jupiter has been trading in a descending triangle pattern since April.
On the one hand, the level between 0.66 and 0.71 serves as strong resistance. Overall, the price bounced five times off this level.
Conversely, we have a downtrend line, forcing JUP to make lower highs.
Currently, the price is getting closer to the tip of the triangle, making a breakout likely.
Typically, a descending triangle is considered a bearish chart pattern. However, given the current bullish market structure, a breakout to the top seems more likely.
Technical Indicators
- MACD: Bullish 🟢
- RSI: Neutral 🟢
- VMA: Neutral 🔵
- Triple EMA: Price trades between EMAs 🔵
- ADX: 18, indicating no trend 🔴
Chart
Trade Setup
The above analysis leads to two potential trade setups—depending on the breakout direction.
Bearish Breakout
- Entry: Wait for the price to drop below $0.65 and confirmation on the daily chart.
- Target: $0.42 (make sure to take profits on the way down)
- Stop Loss: ~$0.70
- Important: The current market does not favor a short! Therefore, make sure to monitor the broader market before entering a short.
Bullish Breakout
- Entry: Wait for the price to move above the descending trendline and confirmation on the daily chart.
- Target: $1.8 (make sure to take profits on the way up, e.g 1.13, 1.30, 1.50)
- Stop Loss: Slightly below the trendline at the time of breakout.