- Jupiter surges toward $0.64 with 218% volume spike and bullish indicators.
- RSI hits 76.24 as JUP nears VWAP, signaling strong upward momentum.
- Derivatives volume rises sharply, suggesting speculative trading dominates JUP’s current breakout.
Jupiter (JUP) has risen to $0.6328 with an increase of more than 3.2% in 24 hours. The upsurge was driven by an increase in trading volume. Also, the total derivatives market traded at $897.80 million.
The open interest increased by 19.27% to $198.05 million. These fluctuations indicate a shift of interest in the market and a growing belief among leverage traders.
Jupiter Breakout is Imminent
Jupiter is also rising for the seventh consecutive day based on the daily chart provided by TradingView. This upsurge has driven the price higher than the price corresponding to most technical zones.
It has surpassed the 0.236 Fibonacci retracement point at $0.4161. Now, it is heading towards the VWAP point at $0.6389.
At the moment, the coin is trading slightly below that resistance. It is also at a position where a breakout can happen. The price is currently already within 1% of the VWAP session at $0.6389.
An approach nearer to that mark may cause a fresh inflow of leveraged purchases. According to the Fibonacci, the next resistance could be between $0.70 and $0.75.
These correspond to previous consolidation and price rejection areas. Thus, they represent high possibility areas for profit taking by short-term holders.
Fib. and VAWP. Source: TradingView
Also Read | Jupiter Price Prediction: Can JUP Hit $2.1 After Bullish Surge?
MACD and RSI Signify a Powerful Momentum
The bullish momentum is further proven by the MACD indicator. The MACD line stands at 0.0396, and it is above the signal line, which is 0.0256.
The histogram too is in the green, and it indicates increased upward pressure. This crossover is very bullish for many traders and indicates that the momentum is still likely to rise.
The RSI has increased to 76.24 now, which is above the 70 mark and indicates that it is overbought. Nonetheless, there is no bearish divergence in the RSI, and it is bullish in respect to the existing uptrend.
The high RSI reading during an uptrend is also an indication that the advance will continue. However, this depends on volume and lack of sharp price rejection at important areas.
RSI and MACD. Source: TradingView
JUP Rally is Driven by Speculative Power
The recent influx in terms of derivative metrics indicates that this trend has more to do with speculative capital. It is not based on long-term acquisition.
Based on Coinglass data, the 218% increase in volume along with a 19% increase in open interest confirms this perspective. This might result in strong volatility should profit-taking start or sentiment change.
Source: Coinglass
Understanding the token’s price history is also important. Jupiter already reached highs of more than $1.30 but was unable to maintain it.
After that, the token established a multi-month base in the $0.30-0.40 range. The present breakout is an attempt to regain lost ground and regain the bullish structure.
The price has to reverse the $0.64 support level to ensure sustained growth. The spike in volume means that traders are taking trading positions.
Since RSI is currently in an overbought area, caution is necessary. The short-term trend might also weaken should Jupiter reject the VWAP.
This would also be the case if it is unable to reach its Fib of 0.5 at $0.4363. On the other hand, any level in excess of $0.60 preserves the bull scenario.
Also Read | Bitcoin Eyes $136K: Breaking $118K Resistance Could Unlock Major Gains
