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.
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.
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.
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.
The key resistance is at $3.80, with $4 as the next psychological target.
Immediate support is at $3.18, with significant support at the 50-day EMA at $2.93.
The MACD warns of a negative crossover, and a close below $3.45 could trigger a double-top breakdown.
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