The cryptocurrency market is experiencing a bullish start to July as prices surge upwards. Many assets have been printing green candles, and traders expect this momentum to continue throughout the summer months.
One of these promising altcoins is JUP, which has broken out of a multi-year downtrend. According to analytics, JUP's price has increased by 44% in the last 30 days and is trading above 10% in the last seven days at $0.2.
An analyst notes that JUP has spent months printing Lower Highs (LH) and Lower Lows (LL) inside a long-term descending channel. However, the current weekly structure suggests a potential macro trend reversal is underway.
The price of JUP has reclaimed the higher timeframe accumulation zone ($0.15, $0.10) and is now testing the channel resistance. A confirmed weekly breakout above this trendline would invalidate the bearish market structure and signal the start of a new expansion phase.