Jupiter (JUP) has quietly broken above a bullish falling wedge pattern, potentially leading to a bullish flag pattern and a price target of $2 within weeks. Despite increased bearish sentiment, analysts remain optimistic.
Jupiter (JUP) has been consolidating on the charts for several days with limited price movement. However, it quietly broke above a bullish falling wedge pattern, emerging in early November, which may pave the way for further price increases. Despite a decline in social metrics due to low volatility, leading to increased bearish sentiment, analysts remain optimistic. A popular crypto analyst noted that Jupiter could form a bullish flag pattern , potentially pushing its price to $2 within weeks.
Investors should monitor the token's on-chain data, which currently shows more short positions than long positions due to the market's bearish sentiment and sluggish price action. However, an increase in buying pressure, as indicated by the RSI, and the token's price testing its 20-day SMA support suggest a potential trend reversal
Jupiter JUP Bullish Falling Wedge Bullish Flag Pattern $2 Price Target Cryptocurrency Analysis On-Chain Data Market Sentiment RSI
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