After Bitcoin relinquished its support above $66,000, the crypto market felt the effects as it extended its downward correction through the $64,000 threshold. The Jito token also experienced a downward correction after testing resistance at the $3.37 mark. Nevertheless, the token still trades above some key technical landmarks.
JTO Statistics:
Current Jito Price: $2.93
Jito Market Cap: $362,287,359
JTO Circulating Supply: 124,046,520
Jito Total Supply: 1,000,000,000
Jito CoinMarketCap Rank: 145
Key Price Levels:
Resistance: $3.00, $4.00, and $5.00
Support: $2.50, $2.00, and $1.50
Jito Stays Above All EMA Lines
Despite the noticeable downward correction seen in the Jito daily market, the token’s price action remains above all the Exponential Moving Average (EMA) lines. The last price candle appears red but resembles an inverted hammer. Technically, this may signal a possible trend reversal.
Additionally, the token continues to trade above all the EMA lines. Meanwhile, the Stochastic Relative Strength Index (SRSI) lines are falling towards the 50 level, suggesting a contrary opinion to the earlier bullish interpretation.
The JTO/USDT Bearish Prospect May Still Be Viable
The JTO 4-hour market appears to be bearishly biased. This is evident as the price has fallen below the 20- and 50-day EMA lines. The drawn upside-sloping trend line still lies below the current price movements; however, this seems like the next target as the market now has a stronger bearish tone.
Similarly, the SRSI indicator lines have aborted a bullish crossover move and continue to move downwards towards the oversold region. If all fundamentals remain constant, crypto signals targeting the $2.70 price level may be worth using.
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