Jup’s price is down by more than half since it started to lose momentum from its December peak. It just broke down a critical support level to signal an extension in the short-term bearish – now the top loser of the day.
Following multiple rejections since last December, Jup recently initiated a recovery but failed to push above the $1 level after a week’s attempt.
That led to another sudden rejection last week and the asset rolled back, closing above $0.85. As the bears mounted pressure this week, the supply level increased and the price fell to a daily low of $0.7. This led to a breakdown of the critical $0.76 support level –serving as support for months – and the asset is now looking bearish again on the daily chart.
Currently, it is targeting a yearly support level. A break below it could cause a major collapse in the mid-term. It is important to note that this target support is critical. If the bulls defend it well, a rebound may occur. This could bring a fresh increase from a short-term perspective.
Looking at the setup from a technical standpoint, the bears will likely have an upper hand. This may lead to an end in the bull season once the price breaks lower. There’s still hope for the bulls if they react strongly to the latest price drop.
Source: Tradingview
Jup currently targets a yearly support of $0.66 following a sharp drop today. A further breakdown could plummet the market into the $0.6 and $0.55 range in no time.
Reclaiming the lost $0.76 level, we may see a retest at the $0.913 level before advancing bearish. Resistance levels to watch above are $1.075 and $1.28.
Key Resistance Levels: $0.913, $1.075, $1.28
Key Support Levels: $0.66, $0.6, $0.55
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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Image Source: pramotephotostock/123RF // Image Effects by Colorcinch
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