Date: Mon, June 02, 2025 | 10:10 AM GMT
The cryptocurrency market witnessed a sharp pullback recently, dragging major tokens into the red. Bitcoin (BTC) briefly dropped to around $104K, while Ethereum (ETH) slipped to $2,480, down from recent highs of $111K and $2,700 respectively. This broad correction impacted major altcoins—including Jupiter (JUP).
The DEX token $JUP saw a double-digit weekly decline of around 17%, trimming its monthly gains to 12%. However, a well-known pattern forming on the chart suggests that a rebound may still be possible.
Source: Coinmarketcap
Broadening Wedge Setup in Play
JUP’s daily chart shows a classic broadening wedge—a pattern that typically indicates high volatility and uncertainty. Although often considered bearish, it can also lead to sharp upside moves before a potential breakdown.
Jupiter (JUP) Daily Chart/Coinsprobe (Source: Tradingview)
As seen in the chart, the latest correction began after JUP was rejected from the upper trendline around $0.6550 on May 27. This triggered a steep drop toward the wedge’s lower boundary. Today, JUP falls to this lower trendline support near $0.5060, just below the 100-day moving average (MA).
What to Watch Next?
If JUP can hold this wedge support and sustain above the 100 MA, it could confirm a bullish reversal and send the price climbing back toward the upper trendline, potentially aiming for $0.72 and higher in the short term.
However, if the price fails to hold above the lower wedge support, the bearish nature of the pattern could take over, possibly leading to a breakdown below $0.49 and further downside.
Disclaimer: This article is for informational purposes only and not financial advice. Always conduct your own research before investing in cryptocurrencies.
