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The daily price chart shows that JUP’s bullish structure has held well during the latest pullback and momentum continues to be strong as the Relative Strength Index (RSI) has crossed above the 14-day moving average recently.
If the uptrend continues, the most powerful buy signal for JUP would come if the 21-day EMA makes a ‘golden cross’ with the 200-day EMA.
The last time it happened, this signal resulted in a bull trap and was followed by a strong downtrend. However, on a previous occasion, it resulted in short-term gains of 40.5%. This means that JUP could rise to almost $1 per token if this bullish crossover occurs.
If JUP rises above its 200-day EMA, this would confirm a bullish outlook. Aggressive traders may enter once (or if) the breakout occurs and it is accompanied by strong trading volumes.
Meanwhile, conservative traders may wait for a golden cross or wait for a retest to confirm their entry.
Hourly Chart Shows Potential for a Short Position
Looking at a lower time frame, the price action confirms strong selling pressure at the $0.62 area.
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