JTO Price Faces $3.18 Test: Can the Rally Extend to $4?

Published by

Sohrab Khawas

November 14, 2024

The key resistance is at $3.80, with $4 as the next psychological target.

As the bullish reversal in JITO Finance struggles to surpass a crucial resistance at $3.18, the V-shaped recovery takes a sudden halt. As the buyers struggle to sustain momentum above the $3.00 psychological mark, the broader market anticipates a sideways shift.

However, the lower price rejection keeps the hope of a bullish reversal alive. Will this reversal rally result in a breakout surge to the $4.00 psychological mark? Let’s find out in our latest JITO price analysis, which is filled with technical insights.

JTO Price Analysis

In the daily chart, the JTO price action shows a V-shaped reversal from a crucial support level, $1.865, which has provided multiple bullish reversals over the past four months.

In the recent V-shaped reversal, the JTO price surged almost 70% to hit the $3.18 mark. This level coincides with the 38.20% Fibonacci level. Currently, it is facing resistance to find a closing price above this resistance level.

The 38.20% Fibonacci level has resulted in a bearish reversal once before in July. However, the ongoing reversal rally has surpassed the long-coming resistance trendline, marking a bullish breakout of a descending triangle pattern.

Furthermore, the recovery rally has surpassed the 200-day SMA line, increasing the upside chances. Currently, it is trading at $3.1432 with a minor intraday growth of 0.07%.

However, the market price surged by 4% last night, resulting in a bullish candle.

Technical Indicators

Amid the increasing bullish sentiments, the 100-day and 50-day SMA lines have given a positive crossover. Meanwhile, the 200-day SMA continues to act as a dynamic support.

Further, the minor consolidation below the 38.20% Fibonacci level has led to a declining intensity in the MACD histograms.

Will JTO Price Cross $3.18?

Based on the Fibonacci levels, a bullish breakout of about $3.18 could result in a price surge to the $4 psychological mark coinciding with the 61.80% Fibonacci level. On the flip side, the crucial support for the DeFi token stands at $2.6835 and $2.30.

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FAQs

What is the key resistance level for JTO Finance currently?

The critical resistance level for JTO Finance is $3.18, which aligns with the 38.20% Fibonacci retracement.

What are the potential targets if JTO breaks the $3.18 resistance?

A breakout above $3.18 could lead to a price surge toward the $4 psychological mark, coinciding with the 61.80% Fibonacci level.

What are the crucial support levels to watch in JTO Finance?

The crucial support levels are $2.6835 and $2.30, which could come into play if the price fails to sustain above current levels.

Sohrab Khawas

Sohrab is a passionate cryptocurrency news writer with over five years of experience covering the industry. He keeps a keen interest in blockchain technology and its potential to revolutionize finance. Whether he's trading or writing, Sohrab always keeps his finger on the pulse of the crypto world, using his expertise to deliver informative and engaging articles that educate and inspire. When he's not analyzing the markets, Sohrab indulges in his hobbies of graphic design, minimal design or listening to his favorite hip-hop tunes.