JUST (JST) is trading at a critical support level, having completed an extended corrective phase.
The daily chart suggests a potential reversal, while the 1-hour chart highlights a possible breakout setup that could drive a bullish recovery.
JST Price Analysis
The daily JST chart illustrates a completed five-wave Elliott Wave structure, followed by a prolonged corrective phase that has brought the price down below the 0.786 Fibonacci retracement level at approximately $0.029.
This level coincides with a historical demand zone previously serving as a strong support area.
The price action has formed a descending wedge, a bullish reversal pattern that suggests potential upside momentum. The Relative Strength Index (RSI) on the daily timeframe is hovering near oversold territory, historically an indicator of potential price reversals.
A confirmed breakout above the wedge’s upper boundary could validate a recovery, with Fibonacci retracement levels offering key resistance targets.
The first major resistance is at the $0.043 Fibonacci retracement level (0.618 Fibonacci retracement level), followed by $0.050 at the 0.5 retracement.
If JST sustains momentum, it could reclaim the 0.382 level at $0.057, aligning with previous highs.
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If JST fails to hold above $0.032, a further drop toward $0.018 (1.0 Fibonacci retracement) is possible. However, given the strong historical support and wedge formation, the probability of a reversal appears high.
JST Price Prediction
On the 1-hour chart, JST is at the final stages of a descending wedge, with wave (e) nearing completion. This suggests an imminent breakout, which, if confirmed, could trigger a sharp upward move.
A breakout from the wedge pattern would first target $0.037 (0.786 Fibonacci retracement on the short-term chart), with the next key resistance at $0.043 (0.618 Fibonacci retracement).
Beyond this, JST could rally toward $0.050, aligning with the 0.5 Fibonacci retracement from the higher time frame.
RSI on the 1-hour chart has started to rise from oversold conditions, indicating an early shift in momentum.
If the price decisively breaks the wedge’s resistance with strong volume, it could confirm the start of a new bullish wave.
However, if JST remains below the breakout level, further consolidation within the wedge is possible before a confirmed move.
Failing to hold $0.032 as support could lead to deeper declines, testing the $0.025 range before any recovery.
JST is positioned at a crucial technical juncture, with its descending wedge pattern suggesting a breakout.
If momentum holds, Fibonacci levels indicate a strong recovery potential, but confirmation above resistance remains key.
Key Levels to Watch
- Immediate Resistance: $0.037 (0.786 Fibonacci retracement).
- Key Resistance: $0.043 (0.618 Fibonacci retracement).
- Major Resistance: $0.050 (0.5 Fibonacci retracement).
- Immediate Support: $0.032 (0.786 Fibonacci retracement).
- Critical Support: $0.025 (historical demand zone).
- Short-Term Target: Above $0.043 if breakout sustains.
- Invalidation Zone: Below $0.025, signaling further downside risk.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
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