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As of the time of writing, the Jito (JTO) token stands as the second-most profitable token in the entire cryptocurrency market. This claim is based on the fact that the price action in this market has increased by 11.58% at the time of writing. Nevertheless, let’s take a more thoughtful look at the market for clearer insights.
Jito Statistics:
JTO Current Price: $3.356
Jito Market Capitalization: $947.66M
JTO Circulating Supply: 293.89M
Jito Total Supply: 999.99M
Jito CoinMarketCap Rank: 78
Key Price Levels:
Resistance: $3.500, $4.000, $4.500
Support: $3.000, $2.500, $2.000
Jito Market Contracts as It Faces Headwinds
Over the previous session, the Jito daily market has made considerable progress. As a result, the last price candle on this chart has broken through all the Moving Average (MA) lines, which previously acted as resistance. However, despite this surge, it appears that the sudden price increase has triggered some headwinds, causing the market to contract downward.
Nevertheless, this token continues to trade above all the MA lines, as indicated by the last price candle on the chart. Meanwhile, the Stochastic Relative Strength Index (RSI) lines have continued to rise into the overbought region of the indicator. As such, technical indicators still support a continued upward correction.
JTO Uptrend Seems Largely Intact
On the Jito 4-hour price chart, the recent downward contraction appears as both a pullback and a retracement. Despite this, trading remains above all the MA lines on this chart as well. Consequently, the corresponding price candle for the ongoing session stands above all the MA lines.
Similarly, the Stochastic RSI lines are still trending slightly upwards, despite merging at some points. Given that the MA lines remain below the price action, bullish traders might base their speculation on this bullish signal. Therefore, traders can still target the $3.500 resistance level or price levels below $3.750.
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