Will Jito (JTO) Maintain Its 8% Surge and Reach $3 Soon?

• Jito is trading at $2, marking a gain of over 8%.
• JTO’s daily trading volume has jumped by 147%.

A brief spike in the crypto market cap has resulted in a subtle green wave across the assets. The Fear and Greed Index value is holding at 49, with neutral sentiment. Bitcoin (BTC) and Ethereum (ETH) are trading on the downside, and other assets have been swinging. Meanwhile, Jito (JTO) has secured one of the spots among the gainers by surging over 8.38% in the last 24 hours.

In the early hours, JTO traded within a low range of $1.90 under bearish pressure. The quick surge in price has triggered the bulls to appear, and the price has ascended to a high of $2.13. It has smashed the key resistance at $1.98 and $2.10. As per CMC data, Jito currently trades at around $2.09, with its daily trading volume reaching $56.79 million after surging by over 147%.

While analysing the last thirty-day price chart, Jito has recorded a gain of over 10.59%. The week began trading at the range of $1.95, and its monthly low and high levels were marked at $1.50 and 2.30.

Can Jito Maintain Its Momentum or Lose Steam?

Jito price might mount and test the immediate resistance at the range of $2.16, if the bulls step in. With the sustained bullish pressure, the asset could witness the formation of a golden cross. The price may attempt to trigger a rally above the $2.25 mark. However, assuming a reversal in trend, the JTO price could likely shed its gains and slip to the $2.01 level. A further downside correction might pull the price back to its previous low of around $1.90.

JTO chart (Source: TradingView)

Despite the price surge, the four-hour technical analysis of Jito has disclosed that both the Moving Average Convergence Divergence and signal line are below the zero line. It indicates a bearish trend. Notably, the MACD is above the signal line, hinting at an early sign of recovery. Besides, the Chaikin Money Flow (CMF) indicator is settled at 0.23, suggesting a positive money flow and strong buying pressure in the market.

In addition, the daily Relative Strength Index (RSI) is found at 57.50, signalling a mild bullish momentum, with a potential for an uptrend. The asset might approach the overbought zone, with the value steadily rising. Jito’s Bull Bear Power (BBP) value of 0.214 points out that the bulls are moderately dominating in the market, which may support the asset’s price movement.

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