- Jupiter’s price has been trading in the upper-half of Bollinger Bands now for almost ten days, reinforcing a bullish bias.
- It is possible that the $1 zone will be tested in near future.
Jupiter [JUP] The decentralized exchange (DEX), a platform for aggregating the Solana [SOL] blockchain. Since the 8th of August, this coin has gained 65%.
After the resistance of $0.8 was broken, market structure changed to bullish. The structure would still be bearish if we were to look at it in a more conservative manner, due to the volatility of the Fourth of July.
The bigger picture does not change.
This is where the target of this bearish order bloc will be.
JUP/USDT TradingView
Next, we have the H12 Bearish Order Block (red box), at $1.2-$1.3. This is the key resistance. The area is a key resistance zone since mid-April. The indicators were bullish, and indicated the rally was likely to extend beyond $1.
Buyers are concerned by the low volume. The token’s trading volume in March and February was much higher, so it is likely that bullish sentiment wasn’t as prevalent as it appeared.
The lower-timeframes will show some volatility, and the price may dip. It is possible that the SMA (20-period) (orange), of the BB, will be put to the test.
As it stands, the Bollinger Bands are in the upper half for nine consecutive days. Another sign of bullish movement was this.
Magnetic zones above $1 are revealed by a liquidity analysis
Source: Hyblock
The liquidity cluster between $0.95 and $0.98 has been removed without any fuss. The next target would be $1.2 and $1.40 in the northern part of the country.
It was a good match with the target of the order block in the downward direction on the price chart.
Source: Hyblock
Short-term liquidity levels were skewed heavily towards long positions. Cumulative liq was high and could have set the stage for a squeeze.
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In that case, it is likely the region between $0.97 and $0.98 will be expected to provide support.
Jupiter will have more room for expansion once the Futures participants are on a better balance. Jupiter can target $1.2, and possibly $1.4.
Disclaimer: This information is not intended to be a source of financial advice, investment or trading recommendations, and represents the sole opinion of its author.
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Source: ambcrypto.com
