Jupiter [JUP] Price Forecast: A Potential 20% Rally This January

Jupiter [JUP], the native token of a decentralized trading platform on Solana, has experienced a notable price increase of 6.9% in the last 24 hours, alongside a 32% surge in trading volume. This positive momentum follows the launch of Jupiter Mobile V3, enhancing the mobile trading experience. Despite a bearish long-term trend, indications suggest a possible short-term rally ahead.

Key Takeaways

Jupiter [JUP] has seen a 6.9% increase in price and a 32% jump in daily trading volume.
The recent surge is attributed to the release of the upgraded Jupiter Mobile V3 app.
A significant resistance level at $0.20 presents challenges for continued price growth.
Traders may find opportunities for buying if Jupiter can turn this resistance into support.

Jupiter [JUP] price prediction - Here's why a 20% rally may be next in January

Current Price Movement of Jupiter [JUP]

Jupiter 1-day Chart

According to recent data from CoinMarketCap, Jupiter's price dropped from $0.258 to $0.169 in December, reinforcing its longer-term bearish trend. The token’s bounce in the past 24 hours is part of an upward movement that is currently testing a psychological resistance level at $0.20.

While the MACD indicator shows some signs of short-term bullish momentum, it remains below zero, suggesting bearish pressures still dominate. The accumulation/distribution (A/D) indicator indicates some increase in buying activity, albeit moderately.

Analysis of the Bearish Scenario

JUP 2-hour Chart

The $0.20 resistance level has acted as a supply zone since mid-December. Last week, efforts by Jupiter bulls to break through this barrier proved unsuccessful, and another rejection could be on the horizon.

Traders' Insights: A Buying Opportunity at $0.20

Although the longer-term outlook appears bearish, the recent move higher on the A/D indicator suggests increased buying pressure and potential for stronger momentum. The Fibonacci retracement levels hint at possible upward movement to price levels of $0.224 and $0.239. Therefore, traders focusing on shorter timeframes may consider going long if the $0.20-resistance converts into support, establishing these target levels for profit-taking.

Conclusion

Disclaimer: The information provided in this article does not serve as financial, investment, trading, or other advice and solely reflects the writer’s opinion.