The cryptocurrency Jito (JTO) has been on an upward trend since forming a bottom at the beginning of January. Since then, the altcoin JTO revisited the key swing point formed at the beginning of December, indicating the bulls’ intention to push higher. So, what levels should be monitored next in the price of Jito (JTO)?
Altcoin Jito Price Appears Set for an Explosive Move
The altcoin Jito formed almost a circular bottom between December 9, 2023, and March 16, 2024. However, the pullback starting from mid-March suggests that this circular base could transform into a “cup and handle” bullish formation.
This technical formation includes a circular bottom known as the “cup” followed by a short downward-sloping “handle,” but it usually does not go below the bottom of the cup. A trend line connecting the top of the cup with the top of the handle is significant for a breakout. A stable close above this resistance level, measuring the distance between the top of the right side of the cup and the bottom of the cup and adding it to the $3.86 breakout point, indicates a possible 56% rise to $6.
This move will be interesting because reaching the next target depends on surpassing the psychological levels of $4 and $5. If critical resistances are also passed, the journey towards $6 will begin.
Confirmation of Cup and Handle Formation for JTO
While the price outlook for altcoin Jito seems logical, the confirmation of the cup and handle formation has not yet occurred. The cup part of the formation is still in the making. Moreover, to confirm JTO’s rise, the breakout level of $3.86 also needs to be surpassed.
If the price of Bitcoin initiates a correction, the price of altcoin Jito could fall further. In this case, if JTO closes a twelve-hour candlestick below the support level of $2.85, it will form a lower bottom and invalidate the bullish outlook. This scenario could lead to a 17% drop towards the next key support level of $2.85.
Considering that the cryptocurrency Bitcoin‘s price is decisive for JTO, if BTC moves towards $75,000, Jito’s price could also make a move towards the indicated critical level.
