The cryptocurrency market is demonstrating signs of recovery amid easing tensions between Israel and Iran, with Ethereum leading the charge.
Market Situation
The cryptocurrency market has started to recover as tensions between Israel and Iran ease. Ethereum (ETH) is leading this uptrend, sharply rising from a recent low of $2,113 and breaking above the $2,425 level. This renewed momentum is also boosting many altcoins.
Harmonic Model Analysis for JUP
A classic harmonic pattern known as 'Bearish Bat' has been identified on JUP’s chart, indicating a strong short-term bullish signal. This pattern forecasts potential reversal zones as the final CD leg completes. The pattern begins at point X when JUP failed to hold above $1.27, followed by a steep correction that dragged the token down more than 74%, bottoming out at $0.3257 on June 22.
Growth Prospects for JUP
Currently, JUP is trading near $0.42, just below the 100-day moving average at $0.4652, which serves as dynamic resistance. According to the Bat structure, price action could head toward the Potential Reversal Zone (PRZ) between $1.16 and $1.27. If the Bat model continues to unfold as expected, a breakout above the 100-day MA would serve as strong bullish confirmation.
Traders should remain cautious and wait for a clear breakout above the 100-day moving average before making market entry decisions.
