Jupiter (JUP) token price is gaining, reaching $0.7334, up by 8.60% today. The growth is driven by buyback announcements, while traders focus on technical levels.
Technical Analysis: JUP Approaches Resistance
JUP is in a long-term downward trend with lower highs and a falling resistance line. However, it consistently bounces from the support zone, indicating buyer interest. If price breaks the resistance, analysts predict a rise to $1.20–$1.50. Failure to break the resistance could see a return to support.
Buybacks Drive Market Optimism
The buyback announcement has introduced a bullish catalyst for JUP. Orbit.JUP reported that 5.5 million JUP tokens have been accumulated since the buybacks began, reinforcing confidence in the asset's potential upward movement.
Market Outlook: Will JUP Price Break the Downtrend?
JUP's price action is at a critical juncture, with buybacks providing additional support. If the token breaks through its descending trendline, it could signal the beginning of a new bullish phase. Failure to surpass this resistance may lead to another retracement toward the support zone, potentially offering another accumulation opportunity.
The JUP market looks for signals to break key resistance levels. The buybacks and increased 24-hour revenue support hopes for a trend reversal, but further development depends on traders' reactions to upcoming price movements.
