Jupiter (JUP) surged 10% on Monday, nearing a critical descending trendline that may signal a bullish breakout. With Open Interest (OI) hitting $160.43 million—the highest since February 21—traders are eyeing a potential rally toward $0.87.
Key drivers behind JUP’s bullish momentum
- Rising Open Interest: CoinGlass data reveals a sharp increase in JUP’s OI, indicating fresh capital inflows and bullish market sentiment.
- Long-to-short ratio: At 1.24, the highest in a month, this metric reflects strong trader confidence in further price gains.
- Technical indicators: The RSI (66) and MACD’s bullish crossover suggest sustained upward momentum without overbought conditions.
Jupiter price forecast: Key levels to watch
Upside scenario
- A daily close above the $0.67 weekly resistance could propel JUP 28% higher to $0.87 (50% Fibonacci retracement level).
- Breakout confirmation requires a decisive move past the descending trendline from December highs.
Downside risk
- Failure to breach the trendline may trigger a pullback toward the 50-day EMA ($0.50).
FAQs
1. What does JUP’s rising Open Interest indicate?
Higher OI signals new money entering the market, often preceding price rallies due to increased buying pressure.
2. Why is the $0.67 level critical?
This weekly resistance acts as a pivot; a close above it validates bullish momentum and opens the path to $0.87.
3. How reliable is the MACD bullish crossover?
While indicative of upward trends, traders should confirm it with volume and price action to avoid false signals.
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The analysis combines on-chain metrics, derivatives data, and technical patterns to highlight JUP’s short-term potential. Always conduct independent research before trading.
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