- Jupiter might be forming another bullish flag pattern on the charts soon
- Token could face a liquidation barrier near the $1.2-level
Jupiter [JUP] has been consolidating for a few days now, with its price movement on the charts being fairly marginal. However, there may be more to the story here as the altcoin quietly climbed above yet another bullish pattern.
Will this be the trigger that’ll push the token to $2 in the coming days?
Jupiter’s secret plan
Thanks to the crypto’s recent bout of consolidation, its drop in volatility had a negative impact on its social metrics. In fact, the token’s weighted sentiment declined sharply – A sign of increasing bearish sentiment across the market.
Source: Santiment
However, investors shouldn’t be impatient, especially since Jupiter might have a trick up its sleeve too. World Of Charts, a popular crypto analyst, shared a tweet highlighting a very important update. According to the same, JUP silently broke above another pattern. This bullish falling wedge pattern emerged in the first week of November.
Since then, Jupiter’s price has consolidated inside it, only to breakout on 29 November. If the analysis is to be believed, this might allow the token to form another pattern, which has the potential to push JUP to $2 in the coming weeks.
