Recently, the digital currency Jito (JTO) has exhibited a positive momentum since hitting a low early in January. The altcoin has revisited a pivotal swing point from early December, signaling an intent by investors to drive the price up. Forecasts now hinge on which critical price levels might influence Jito’s trajectory in the cryptocurrency market.
Gearing Up for Potential Breakouts
Jito’s price pattern suggests that a ‘cup and handle’ bullish trend may be forming, with a rounded bottom established between December 9, 2023, and March 16, 2024. The subsequent pullback is shaping the ‘handle,’ which typically doesn’t dip lower than the cup’s bottom. A solid close above the trend line that marks the resistance, combined with the depth of the cup, projects a potential 56% surge to a $6 valuation.
This anticipated ascent is contingent upon overcoming psychological benchmarks at $4 and $5, along with key resistances. Once these are breached, a climb towards $6 could be underway.
Validating the Bullish Pattern
Although the price forecast for Jito appears to be on a bullish track, the completion of the cup and handle pattern awaits confirmation. For the anticipated increase to materialize, Jito must overcome the crucial $3.86 breakout level. Should the leading cryptocurrency Bitcoin face a correction, it could negatively impact Jito’s value. A drop below the $2.85 support level would invalidate the current optimistic outlook, potentially triggering a 17% decline towards this new support threshold.
The trajectory of Bitcoin plays a pivotal role in Jito’s market performance. If Bitcoin approaches $75,000, JTO might also make significant strides towards its critical price level, following the broader market trend.