The digital currency Jito, denoted by JTO and built on the Solana platform, recently showed signs of a possible price surge. After concluding a bullish pattern on March 31, Jito attempted an upward trend but faced market resistance. Now, the token is on the brink of another upward movement, and investors are closely monitoring key price levels.
Jito’s Price Patterns Suggest Upcoming Rally
From December 9, 2023, to March 16, 2024, Jito’s price activity shaped two rounded bottoms, resembling a cup and handle. Connecting the peaks of these formations with a trend line creates a notable horizontal resistance. Overcoming the $3.86 resistance level would confirm a bullish breakout, with technical analysis suggesting a 55% increase, potentially reaching a $6 target.
Is Jito Set for a Major Price Movement?
Jito’s price witnessed a 38% hike after initially breaching the $3.86 mark, hitting a new peak at $5.32. Yet, a downturn in the altcoin market driven by Bitcoin‘s pullback caused a retest of the $3.86 support. Currently, with a trading price of $4.08, Jito is anticipated to climb higher amidst neutral indicators from the Relative Strength Index and the Awesome Oscillator.
Points to Consider
- Breaking past the $3.86 resistance could propel Jito to a $6 valuation.
- A reversal turning the $3.86 support into resistance may lead to a 27% price correction to $2.85.
- Bitcoin’s market movements and investor sentiment could significantly impact Jito’s price trajectory.
Investors remain watchful as Jito’s price navigates a pivotal moment, with the possibility of overcoming the $3.86 resistance and achieving a $6 price point. Any shift in market dynamics or investor enthusiasm could be the catalyst for Jito’s next major price move.