JUP Nears Bullish Breakout as Open Interest Soars to 3-Month High—Traders Brace for Liftoff
Jupiter’s native token flirts with a bullish breakout as derivatives traders pile in—open interest hits levels not seen since February. The surge in bets suggests crypto degens smell blood in the water.
Will JUP defy gravity or become another ’wen lambo’ sob story? Only time—and perhaps a few well-timed Elon tweets—will tell.
Meanwhile, traditional finance bros still can’t decide if crypto is a scam or their next bonus check.
Jupiter’s on-chain metrics show a positive bias
Coinglass’ data shows that the futures’ OI in JUP at exchanges rose to $160.43 million on Monday from $122.72 million on Sunday, the highest level since February 21. An increasing OI represents new or additional money entering the market and new buying, which could fuel the current Jupiter Price rally.
Jupiter Open Interest chart. Source: Coinglass
Another bullish sign is Coinglass’s JUP long-to-short ratio, which reads 1.24, the highest level in over a month. This ratio above one reflects bullish sentiment in the markets as more traders are betting on the asset price to rise.
JUP long-to-short ratio chart. Source: Coinglass
Jupiter Price Forecast: JUP bulls target $0.87
Jupiter’s price jumps over 10% on Monday, approaching a descending trendline drawn by joining multiple highs since early December. A breakout of this trendline generally favors the bulls and indicates an upward trend.
If JUP breaks above this trendline and closes above the weekly resistance at $0.67 on a daily basis, it could extend additional gains by 28% to retest the 50% Fibonacci retracement level at $0.87 (drawn from the December high of $1.44 to the April low of $0.30).
The Relative Strength Index (RSI) on the daily chart reads 66 points upward, indicating strong bullish momentum still below overbought levels. Additionally, the Moving Average Convergence Divergence (MACD) indicator showed a bullish crossover last week. It also shows a rising green histogram above its neutral level, indicating an upward trend.
JUP/USDT daily chart
However, if JUP faces a pullback around the descending trendline, it could extend the correction to retest the 50-day Exponential Moving Average (EMA) at $0.50.
