Technical analysis by ben_walther about Symbol JUP on 10/19/2024

Jupiter is getting ready for a potential breakout as it nears the tip of a descending triangle. Here’s what you need to know:▸ About JUPJupiter is a Solana-based exchange offering token swapping, limit orders, DCA, and asset bridging.▸ Chart AnalysisJupiter has been in a descending triangle since April. Resistance holds at 0.66-0.71, with a downtrend line pushing lower highs. A breakout is expected soon. Although considered a bearish pattern, the bullish market structure suggests an upside move.▸ Technical Indicators- MACD: Bullish 🟢- RSI: Neutral 🟢- VMA: Neutral 🔵- ADX: 18, no trend 🔴▸ Trade SetupBearish Breakout- Entry: Below $0.65- Target: $0.42- Stop Loss: ~$0.70Bullish Breakout- Entry: Above the trendline- Target: $1.8 (with profit levels at 1.13, 1.30, 1.50)- Stop Loss: Below the trendline