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 JUP Jupiter is a Solana-based exchange offering token swapping, limit orders, DCA, and asset bridging. ▸ Chart Analysis Jupiter 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 Setup Bearish Breakout - Entry: Below $0.65 - Target: $0.42 - Stop Loss: ~$0.70 Bullish Breakout - Entry: Above the trendline - Target: $1.8 (with profit levels at 1.13, 1.30, 1.50) - Stop Loss: Below the trendline