[Jito is approaching key levels; will it break through to new all-time highs next? 】
Jito (JTO) is struggling to gain more upside momentum above $3, following a rebound from a drop into the support zone on March 29. As Bitcoin and major altcoins rallied, JTO hit a high of $3.83 on March 16, while Bitcoin and Ethereum hit highs of $73,000 and $4,000 respectively.
Amid the bullish backdrop for Bitcoin, Jito appears to have found new support at $2.75, with the price later recovering above $3.2, continuing an uptrend that has been in place since early January. Currently, $3.50 to $3.75 emerges as a key area for bulls to focus on.
Although Jito remains in an uptrend, it could be at risk of a pullback if it fails to consolidate above $3. Once the price breaks $3.62, a cup-and-handle pattern will form, opening room for a test of $4. A further breakout could challenge $6, the all-time high Jito reached after it was listed on Binance on December 7, 2023.
On the downside, $2.79 and $2.5 serve as major support levels. The daily RSI and MACD indicators point to potential weakness and these are key price levels to watch.
As Bitcoin approaches $70,000, traders will be keeping a close eye on market sentiment for the benchmark cryptocurrency. In addition, as a liquid mortgage token in the Solana ecosystem, Jito has received great attention from the market since its launch.
