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🔥Will bulls on #Jito 's stock use his second opportunity to push the price up to $6?
A huge breakout rally is predicted by Jito's cup and handle arrangement.
Assuming the $3.86 support level remains intact, #JTO may set off a 55% surge to $6.00.
The bullish argument will be rendered useless if the $3.86 barrier is decisively broken.
After completing a bullish consolidation pattern on March 31, the price of Jito (JTO) started a breakout rise. Since then, JTO has set off a meteoric rise, but the market has been too volatile to keep it going. The Solana-based token is now contemplating its second surge.
Between December 9, 2023, and March 16, 2024, there were two rounded bottom patterns formed by the price movement of Jito. Named for the fact that the first structure, measuring about 55% deep, is a cup and the second is a handle. A horizontal resistance level may be formed by connecting the swing highs of these structures using a trend line.
A technical confirmation of a breakthrough from the cup and handle pattern would be a breach over this $3.86 resistance level. A 55% rise is predicted by this technical formation. The target price is $6, which is determined by adding the depth of the cup to the breakout point at $3.86.
Jito price surged 38% and established a local high at $5.32 after first breaking over the $3.86 barrier. Nevertheless, cryptocurrencies saw a decline as a result of Bitcoin's regression. So, Jito price is trading around $4.08 with hopes of a bigger increase after retesting the $3.86 support level.
Both the Awesome Oscillator and the Relative Strength Index are around their respective mean values of 0 and 50, indicating that a reset may result in a rebound. Jumbo is therefore in a favorable position to begin a rebound. A fresh wave of interest or approval from the major cryptocurrency would be all that's needed.
If, however, the price of Jito were to break through the $3.86 support level on the daily chart and transform it into a resistance level, the bullish thesis would be rendered useless.
