Jito (JTO) is trading at two dollars, recording gains of over 8%.
The daily trading volume increased by 147%.
A slight increase in the market capitalization of cryptocurrencies led to a mild upward wave across all assets. The fear and greed index stabilized at 49, with a neutral atmosphere. Both Bitcoin (BTC) and Ethereum (ETH) are trading lower, while other assets are experiencing volatility. Meanwhile, Jito (JTO) secured its place among the winners with a rise of over 8.38% over the past 24 hours.
In the early hours of trading, Jito (JTO) was traded within a low range of $1.90 under downward pressure. The rapid price increase triggered buyer interest, and the price rose to $2.13. It broke through the key resistance levels at $1.98 and $2.10. According to CMC data, Jito is currently trading at around $2.09, with a daily trading volume of $56.79 million after rising by more than 147%.
When analyzing the price chart for the last thirty days, Jito recorded gains exceeding 10.59%. The week started with trading in the range of $1.95, with a monthly low and high of $1.50 and $2.30, respectively.
Can Jito (JTO) maintain its momentum or will it lose it?
Jito's price may rise and test the immediate resistance level at around $2.16 if the bulls intervene. With continued upward pressure, the asset may witness the formation of a golden cross. The price may attempt to stimulate a rise above the $2.25 level. However, assuming a trend reversal, Jito's price is likely to give up its gains and drop to the $2.01 level. Any further downward correction could return the price to its previous low of around $1.90.
Despite the price increase, technical analysis of Jito's stock over four hours revealed that both the moving average convergence divergence and the signal line are below the zero line. This indicates a downward trend. Notably, the MACD is above the signal line, suggesting early signs of recovery. The Chaikin Money Flow (CMF) has stabilized at 0.23, indicating positive cash flow and strong buying pressure in the market.
Additionally, the daily relative strength index (RSI) is at 57.50, indicating slight bullish momentum, with the potential for an upward trend. The value of Jito's Bull Bear Power (BBP) at 0.214 indicates that bulls moderately dominate the market, which may support the asset's price movement.
