Jito (JTO) Gears Up for Bullish Rally: Indicators Signal Momentum

In the last 24 hours, bearish momentum in the Jito (JTO) market was strong, with prices sliding from the day’s start of $3.0827 to a low of $2.82 before regaining support. The downward movement of this JTO was principally caused by a drop in buying pressure and an increase in selling volume. However, the market mood has flipped in the last few hours, with bulls surging to an intra-day high of $3.66 before marginally retreating.

Despite the retreat, the market remains cautiously optimistic about JTO’s prospects, with bulls in control as of press time and trading at $3.11, up 2.92% from the intraday low. During the rally, JTO’s market capitalization, according to CoinStats, climbed by 3.38% to $360,023,116, reflecting the increasing investor confidence in the uptrend.

However, the 24-hour trading volume fell by 29.35% to $369,959,899, reflecting a drop in trading activity attributed to profit-taking by confident investors following the price spike.

If the bullish momentum breaks through the $3.11 resistance, the next level to watch is $3.20, where more gains are possible. However, if the price fails to break past the barrier, a minor correction may occur before the price of JTO resumes its upward trajectory.

JTO/USD Technical Analysis

The JTOUSD price chart’s Relative Strength Index (RSI) rating of 49.36 indicates that the bulls are still in charge, but there is some selling pressure. This rating denotes a balanced market attitude and the possibility of additional price movement in either direction.

If the RSI rating remains in this range or rises, the positive momentum will continue, and the $3.20 resistance level will be breached. If, on the other hand, the RSI rating begins to fall, it may suggest a weakening of the positive trend and a greater possibility of a market correction in JTO.

With a Chaikin Money Flow (CMF) rating of 0.18 and pointing upwards, the market for JTO is under modest purchasing pressure. This trend suggests the possibility of a price gain and additional bullish momentum. However, investors should exercise caution because the CMF rating is not particularly high, implying that there is still some selling pressure.

JTO/USD 2-hour price chart (source: TradingView)

In conclusion, JTO’s recent price action reflects a battle between bulls and bears, with potential for further gains if it breaches the $3.11 resistance, but caution is warranted as selling pressure lingers.