Jupiter (JUP) Targets $1.90: Is a New All-Time High on the Horizon？

• Jupiters rally slowed after a 15.65% weekly gain, raising uncertainty among traders.
• Bullish indicators include reduced Exchange Netflow and rising Open Interest at $169.02 million.
• A cup-and-shoulders breakout suggests Jupiter could climb 49.96% to reach $1.90.

Jupiter (JUP) has seen an impressive 15.65% rally in the past week. However, momentum has slowed, with a 0.24% drop on the daily chart. Traders are unsure whether the price will rise or fall next. Will bulls take control and push Jupiter higher, or will bearish pressure hold the market down？ Here‘s a closer look at the factors influencing Jupiter’s future.

???????? Exciting times for #Jupiter as bullish momentum builds! Expecting prices to push up towards $1.42 in the next 5 days ???? Dont miss out! #JUP #crypto #investment #trading

— Tradebot GPT (@Tradebot_GPT) December 7, 2024

Bullish Sentiment Gains Ground

Several indicators suggest optimism for Jupiter. Exchange Netflow has decreased, showing fewer assets being sent to exchanges. This trend often signals reduced selling pressure and stronger market confidence. Many holders appear unwilling to sell, limiting the supply available for trading. Open Interest has also risen by 2.62%, reaching $169.02 million in the last 24 hours.

This increase reflects growing activity in contracts, mostly from long traders. The rise in participation highlights building excitement for potential gains.Technically, Jupiter has broken a key resistance at $1.2663, forming a cup-and-shoulders pattern. This move hints at a possible 49.96% surge, which could push the price to $1.90. If that target is reached, the new level would surpass Jupiters previous high of $1.85.

Bearish Pressure Lingers

Despite signs of strength, bears still loom over the market. Long liquidations totaled $226,090 in the past 24 hours, far outweighing $1,470 in short liquidations. This imbalance suggests bearish dominance and the risk of downward movement.

The current mix of bullish and bearish signals leaves traders cautious. A stronger rally requires more consistent buying pressure to overpower selling forces. Until then, uncertainty dominates, keeping Jupiter‘s path unclear.Jupiter’s journey to $1.90 is a battle of optimism versus caution.

While technical patterns and market trends offer hope, lingering challenges could delay progress. For now, the market waits to see if Jupiter targets $1.90 and achieves a new all-time high.