Jupiter (JUP) price is hinting at a possible trend shift after a long downtrend. Can it break key resistance and signal the end of the bearish run?

Jupiter (JUP) Price: Downtrend in Danger? Trend Shift Watch!

After months of price dips, Jupiter (JUP) is showing signs of a potential trend shift. Will it overcome key resistance levels and ditch the downtrend?

Is the Jupiter Downtrend Finally Over?

Jupiter (JUP) is back in the spotlight, with traders closely monitoring whether its extended downtrend is finally coming to an end. Following a period of lower highs and consistent declines, the JUP price is nearing a crucial resistance zone that could determine its next significant move.

Key Resistance Levels to Watch

Crypto Rand, a seasoned analyst on X, suggests that the current price action might indicate the beginning of a larger bullish trend, but only if certain key levels are surpassed. Looking at the weekly chart, the JUP price has been under a falling trendline since January 2024, after failing to maintain levels above $1.00.

Jupiter has managed to climb above that long-standing diagonal resistance, which is a positive sign. But the real test is still ahead. It’s currently struggling to break through the $0.50 to $0.52 area, a zone that has rejected past rally attempts. Many traders believe that if JUP can close above this range, it could be the first real signal that the bearish trend is starting to reverse.

Technical Levels: A Clear Roadmap

The horizontal resistance between $0.50 and $0.52 remains the immediate target for bulls. JUP has faced difficulty sustaining movements above this range, which has previously capped rally attempts. Further resistance may be encountered around $0.70, followed by a major ceiling near $1.00.

On the downside, support seems to be holding in the $0.34 to $0.36 region, an area tested multiple times since May. If the current breakout attempt fails, JUP might revisit these levels, with deeper support existing closer to $0.30.

Market Volume and On-Chain Usage: Adding Context

Beyond price, trading activity and protocol usage are crucial metrics to watch. JUP recently surpassed the combined 24-hour aggregator volume of 1inch, OKX DEX, CoWSwap, Cetus, and KyberSwap. This indicates increased user activity and positions Jupiter among the top-performing aggregators by volume.

The $0.50 Support Level: A Critical Pivot

As Crypto Rand pointed out, a confirmed recovery of the $0.50 support level would signify a shift in the market structure of the JUP price. Such a move could validate the breakout and signal renewed strength. Without that confirmation, the token remains vulnerable to another retracement. Traders are closely watching this area as a potential pivot for either trend continuation or reversal.

The Bottom Line

So, is the downtrend over? Only time will tell, but with increased volume and a potential break above key resistance, Jupiter is definitely one to watch. Keep your eyes peeled, folks, because this could be the start of something big. Or, you know, just another crypto plot twist. Either way, grab your popcorn!