Will the massive bullish engulfing candle prolong the uptrend in the Jito (JTO) token to create a new all-time high?
Over the past 24 hours, the JTO token has surged nearly 20%, bringing its market capitalization closer to the $500 million mark. With this momentum, trading volume has soared by over 150%, reaching $293 million.
As the Solana-based DeFi token gains traction, market sentiment is growing increasingly bullish. Analysts anticipate a potential price breakout to the $5 mark.
Jito Price Analysis
Last night, Jito saw a sharp 23.35% price increase. This creates a massive bullish engulfing candle on the daily chart and crosses above the 50% Fibonacci level at $2.9387 and the 67.80% Fibonacci level at $3.2715.
The bullish engulfing candle undermines the prevailing consolidation and exceeds the high supply pressure at the 61.80% Fibonacci level. This marks a change of character for the JTO price trend and increases the chances of a bullish trend continuation.
However, the intraday candle shows a higher price rejection as it failed to reach the 78.60% Fibonacci level at $3.8113. The bullish failure resulted in a 24-hour high at $3.6815 and is currently trading at $3.4252. This bullish reversal drops the intraday gain to 1.57%.
Despite this brief pullback, the broader trend remains bullish. Jito recently broke out of a descending triangle pattern and bounced off the 38.2% Fibonacci retracement. The post-retest rally has seen the 50-day and 200-day EMAs form a bullish gap following a recent golden crossover.
In addition, the 100-day and 200-day EMAs are approaching a potential bullish crossover, further supporting the bullish outlook. The MACD has regained positive momentum, with the signal line and histograms confirming the shift from bearish to bullish.
Jito Targets $5.92
With the underlying dynamics turning bullish, a minor retest of the 61.80% Fibonacci level will likely propel the JTO price. The reversal rally will test the 78.60% Fibonacci resistance level at $3.8113. This is a crucial crossroads for Jito. A breakout above this will likely result in a massive surge to $5.92, which is the 1.272 Fibonacci level.
On the flip side, if the price fails to break through this resistance, a pullback may occur to the 50% or 38.2% Fibonacci levels at $2.94 and $2.60, respectively.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
