As the broader cryptocurrency market undergoes a tentative recovery, Jupiter (JUP) emerges as a focal point, teasing a solid uptrend and potential trend reversal. After a tumultuous journey, marked by intense volatility, can Jupiter make a bullish comeback and potentially hit a new all-time high in 2024? Let's delve into the price chart to uncover more insights.

Jupiter Reclaims $1

In the daily chart, Jupiter's price trend reflects its relatively young age, with notable volatility since its launch in January 2024. The altcoin experienced a significant surge in March, recording a remarkable 218% jump and breaching the $1 psychological mark. However, this bullish momentum was short-lived, leading to a sharp decline and a drop to $0.79.

Despite this setback, Jupiter is now poised for a bullish comeback, reclaiming the $1 psychological mark amidst the ongoing market recovery. Currently trading at $1.707, with a minor intraday drop of 1.67%, the altcoin has been exhibiting a sideways trend over the past three days.

Technical Indicators

The MACD indicator suggests a rise in bullish momentum, with the MACD and signal lines primed for a positive crossover. This indicates a strengthening possibility of an uptrend in Jupiter's price action.

Will JUP Price Recovery Lead to $2 Break?

According to Fibonacci levels, the bullish reversal typically occurs at the 61.80% Fibonacci level. With a 25% surge over two major candles, Jupiter appears poised for a high-momentum reversal to prolong the ongoing bull run.

If the reversal rally maintains its bullish momentum, Jupiter's price could potentially surpass the $2 mark. However, key resistance levels at $1.50 and $1.80 might trigger short-term pullbacks along the way.

Conversely, a bearish scenario could see Jupiter's price decline by 15%, testing the $1 support level.

Conclusion

As Jupiter prepares for a potential trend reversal and bullish comeback, investors are closely monitoring its price action for signals of sustained momentum. With the possibility of reclaiming $2 and establishing a new all-time high in 2024, Jupiter remains a significant altcoin to watch amidst the evolving cryptocurrency landscape.