JTO Price Analysis: Will $3.18 Support Hold Amid Bearish Signals?

Published by

Sohrab Khawas

December 2, 2024

JTO Price Analysis: Will $3.18 Support Hold Amid Bearish Signals?

As the bullish trend in the broader market continues, the Solana-based altcoin, Jito, faces a sharp pullback. As the JTO price drops under the $3.50 crucial milestone, the buyers are under panic.

Will a double top reversal result in a pullback to the $2.68 support level? Let’s find out in our latest JITO price analysis.

JTO Price Analysis

In the daily chart, the JTO price trend continues a bullish rally of higher high formation. However, the intraday drop of 7.87% has warned of a sharp pullback.

Currently, the JTO price is trading at the psychological mark of $3.50, with the bearish engulfing candle crossing under the 50% Fibonacci level. The bearish engulfing candle undermines the bullish recovery over the last four days and warns of a bearish extension.

The immediate support for the JTO price is $3.18, the 38.20% Fibonacci level. The trendline breakout rally continues to form higher highs.

However, the pullbacks have been intense, with the previous one dropping from $3.18 to $2.68 in the second week of November. Furthermore, the current rejection from the $3.80 warns of a double top reversal.

The neckline for the bearish pattern is at $3.45. Hence, a closing below this level will increase pressure over the $3.18 support level.

Technical Indicators

MACD: Supporting the chances of a bearish turnaround, the MACD and signal lines are merged and warn of a negative crossover.

EMA: The dynamic average support lines of the 20, 50, and 100-day EMA are rising higher. The immediate dynamic support is provided by the 20-day EMA at $3.35. However, the significant support remains at the 50D EMA at $2.93.

Will JTO Price Cross $3.18?

In case of a bullish turnaround from the crucial dynamic average lines, the Fibonacci level swains the price target at the $4 psychological mark. However, the massive supply at $3.80 must be surpassed before the JTO price continues the higher high trend.

Considering the broader market recovery, the JTO price could reach the $5.33 mark by the end of December if the support at $3.18 persists. In case of a bearish breakdown, the JTO price could retest the 100-day EMA at $2.70.

As Solana crosses $200, how high will the SOL price go in 2024? Check out Coinpedia’s Solana price prediction to find price targets above $100.

FAQs

What is the current resistance for JTO?

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

What is the crucial support level for JTO?

Immediate support is at $3.18, with significant support at the 50-day EMA at $2.93.

What signals indicate a potential bearish move?

The MACD warns of a negative crossover, and a close below $3.45 could trigger a double-top breakdown.

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.