Jupiter In Descending Channel: 20% To 50% Drop
We are looking at one of the Solana projects, Jupiter, a decentralized exchange. Its trading pair, JUPUSDT, peaked in April 2024 and has been bearish since.
Will the market crash start this weekend or will it wait for Monday?
The truth is that the crash already started... We can see the first major red candle 25-October for JUPUSDT.
The upper-boundary of this wide descending channel has been challenged four times, without exception, each time there is a major correction. The forth time happened just three days ago and a major rejection, with strong bearish pressure, is already in.
How far low can it go?
Seeing how each correction recovered swiftly, can we expect the same? No!
The previous corrections were part of a bearish consolidation, the next drop is the bearish impulse so we should be preparing for the lowest possible. This is marked orange on the chart.
This is a friendly reminder.
Thank you for reading.
Namaste.
Will the market crash start this weekend or will it wait for Monday?
The truth is that the crash already started... We can see the first major red candle 25-October for JUPUSDT.
The upper-boundary of this wide descending channel has been challenged four times, without exception, each time there is a major correction. The forth time happened just three days ago and a major rejection, with strong bearish pressure, is already in.
How far low can it go?
Seeing how each correction recovered swiftly, can we expect the same? No!
The previous corrections were part of a bearish consolidation, the next drop is the bearish impulse so we should be preparing for the lowest possible. This is marked orange on the chart.
This is a friendly reminder.
Thank you for reading.
Namaste.
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