The price of Juventus Fan Token (JUV) has bounced up from a crucial support zone and has seen a significant increase in volume over the past few days. This token could experience strong gains in the coming days.
Daily Outlook
The price of Juventus Fan Token (JUV) declined after reaching a yearly high of $6.7 on April 8, 2023. At that time, JUV had surged by 170% in just two days.
The downward movement brought the price to the all-time low support level of $1.9 on June 12 and once again on September 30.
Combining these two lows, we can see the formation of a double bottom pattern. This is a bullish pattern that often leads to a trend reversal to the upside.
The daily RSI indicator supports the possibility of this bullish reversal as it has created bullish divergence and surged above the 70 level at the time of writing.
Importantly, trading volume over the past three days has increased unusually strongly (highlighted in the green circle). This is often the beginning of a new upward trend.
There are three levels to watch in this upward move: $3, $4, and $5.2. Rising to $5.2 would represent a 128% increase from the current price.
Conclusion
The most likely prospect suggests that the JUV price could experience significant gains in the coming days. The potential targets for this move are $3, $4, and $5.2.
This bullish view could be invalidated if the JUV price breaks below the long-term support zone at $1.9.
Disclaimer: Please note that this article is for informational purposes only and should not be taken as investment advice. As an investor, it is important to do your own research before making any decisions. We are not responsible for any investment decisions you make based on this information. Not Financial Advice.
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