The Jupiter crypto price slid more than 2% in the past 24 hours to trade at $0.7598 at press time.

Despite the recent retracement, the JUP price is still over 3% in the green on the weekly timeframe.

Jupiter Crypto Price Prediction

4-hour chart for JUP/USDT (Source: TradingView)

The Jupiter crypto price is testing the key support level at $0.7580. Should the altcoin fall below this critical price point, it could be at risk of plummeting to the subsequent support at $0.7. Conversely, JUP closing the next two 4-hour candles above $0.7580 might invalidate the bearish thesis. In this alternative scenario, the crypto could rise to as high as $0.83.

Also read: Stacks Crypto: Must-Watch Resistance and Support Levels!

Technical indicators on JUP’s 4-hour chart warn that the Jupiter crypto price could drop in the coming 24 hours. More specifically, the Moving Average Convergence Divergence (MACD), Relative Strength Index (RSI) and Exponential Moving Average (EMAs) are showing bearish signs.

Throughout the past day of trading, the RSI dropped below its Simple Moving Average (SMA) line to signal that sellers gained the upper hand against buyers on the 4-hour chart. Should bears decide to capitalize on this advantage, it might be easier for sellers to pull the Jupiter crypto price down in the next 24 hours than it will be for buyers to push it up.

Also read: Render Crypto: A Bullish Breakout May Be in the Cards

A Major Bearish Flag on the Verge of Being Triggered

Meanwhile, the MACD line is on the verge of breaking down below the MACD Signal line. These two lines intersecting in the next 12 hours will result in a major bearish technical flag being triggered. Traders might also see this as an indication that JUP has entered a negative short-term phase.

Concurrently, the 9 EMA is collapsing in on the 20 EMA, which could be a sign that momentum over the past nine 4-hour candles has been more bearish than the momentum over the last twenty candles. If the 9 EMA crosses under the 20 EMA, it could signal a negative shift in JUP’s price action.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Ecoinimist is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.