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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.