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.
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.
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.
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.
As Solana crosses $200, are you curious how high the SOL price will go in 2024? Check out Coinpedia’s Solana price prediction to find price targets above $100.
The critical resistance level for JTO Finance is $3.18, which aligns with the 38.20% Fibonacci retracement.
A breakout above $3.18 could lead to a price surge toward the $4 psychological mark, coinciding with the 61.80% Fibonacci level.
The crucial support levels are $2.6835 and $2.30, which could come into play if the price fails to sustain above current levels.
A fresh controversy has erupted in the crypto world after Binance founder Changpeng Zhao (CZ)…
The price of Pi Network’s token, Pi, has seen sharp ups and downs lately, dropping…
The price of XRP has been on a strong upward trend recently, but it’s now…
The crypto market is showing serious signs of life again, and this time it’s not…
The price of XRP has been climbing steadily this week, with a strong bullish trend…
XRP is making headlines again as whispers of a potential ETF approval ripple through Wall…
