Key Takeaways
- Price completed a WXY correction at 0.786 Fib support.
- Early 5-wave impulsive structure seen on 1H chart.
- A bullish breakout requires reclaiming the $0.429 resistance.
Jupiter (JUP) appears to have completed a major corrective phase and may be preparing for a bullish, impulsive structure.
The 4-hour chart shows signs of bottoming after a prolonged downtrend, while the 1-hour chart suggests the beginning of a new five-wave impulse.
This analysis will explore timeframes to assess the current setup and forecast potential targets.
JUP Price Analysis
JUP has been in a correction since peaking near $1.86 in April 2024. After a lower high of $1.42 in December, the price started forming its second downtrend
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A descending channel was formed, likely completing a prolonged WXY correction. It reached a low of $0.30 on April 7, which could have concluded the descending structure.
Since then, we saw a recovery, leading to a breakout above the descending resistance. This aligns with the 0.786 Fibonacci retracement level at $0.429 from the major rally.
Currently, the price is experiencing a pullback as it likely retests the broken resistance for support.
The Relative Strength Index (RSI) indicator on the 4H timeframe shows a bullish divergence forming as the price made a lower low while the RSI made a higher low.
This typically signals weakening bearish momentum, but the RSI has more room to go down the downside before reaching the oversold zone.
A confirmed breakout above the 0.4296 resistance (Fib 0.786) would validate the start of a larger bullish wave sequence.
JUP Price Prediction
The lower timeframe (1H) suggests a completed fice-wave impulsive structure (i)-(v), followed by an ABC corrective wave 2, which seems to be ending around $0.355.
The structure indicates Wave 2 may have bottomed, paving the way for Wave 3.
Fibonacci extensions project key levels for the next impulsive wave.
Wave 3 could extend toward $0.5484 (a 1.618 extension of wave 1), while wave five may reach up to $0.5941, completing a full impulse structure.
To confirm this bullish scenario, the price must hold above $0.30 and break above minor resistances at $0.383 and $0.414.
The RSI is hovering near oversold levels, which suggests an upcoming bounce.
If wave (ii) extends further down, invalidation will occur below $0.30, potentially re-entering a bearish continuation to a lower low.
A bullish reversal scenario is more likely at this stage, but overall, JUP is still in a downtrend on the higher timeframe.
This is why the next move is detrimental to determining the price outlook.
Key Levels to Watch
- Major Support: $0.355 (previous low), $0.340 (invalidation level).
- Immediate Resistance: $0.383 (0.236 Fib), $0.4148 (0.5 Fib), $0.4296 (0.786 Fib).
- Breakout Confirmation: Sustained move above $0.4296 with volume.
- Invalidation Level: A break below $0.340 would negate a bullish count.
- Fractal Watch Zone: $0.474–$0.548 (wave iii zone), $0.594 (wave v target).
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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