The cryptocurrency Jito (JTO) price completed a bullish consolidation pattern on March 31, indicating a potential breakout. However, market conditions prevented Jito from sustaining this rally. Now, the Solana-based token is preparing for its second attempt at an upward trend. At this stage, which levels are coming into focus?
Altcoin Jito (JTO) Price at a Critical Juncture
The price movement of altcoin Jito between December 9, 2023, and March 16, 2024, formed two round bottom formations. The first structure appears as a cup, and the second as a handle. This situation gives the cup and handle formation its name. The highest swings of these structures can be combined using a trend line to create a horizontal resistance level.
Technically speaking, breaking above the $3.86 resistance level confirms a breakout from the cup and handle formation. This technical pattern predicts a 55% rally by measuring the depth of the cup and adding it to the breakout point at $3.86, setting a target of $6.
Current Status of Cryptocurrency JTO Price
The cryptocurrency Jito price surged 38% after its initial move above the $3.86 barrier, creating a local peak at $5.32. However, a pullback in altcoins due to Bitcoin‘s retracement caused Jito’s price to retest the $3.86 support level, and it is currently trading at $4.08 with expectations of a higher move.
Both the Relative Strength Index and the Awesome Oscillator are close to their respective average levels of 50 and 0. This suggests a reset could lead to a bounce, placing JTO in a good position to trigger a jump. The only thing needed is a signal from Bitcoin or renewed enthusiasm.
On the other hand, if Jito’s price surpasses and converts the $3.86 support level on the daily chart into a resistance level, it will invalidate the bullish thesis. This move could potentially lead to a 27% correction, bringing the price down to $2.85.
As the cryptocurrency Jito’s price is at a critical turning point, surpassing the $3.86 resistance level could carry the potential to reach a target of $6.
