Jito (JTO) Surges, but Only Retains Little of the Gains

Price action in the Jito daily market today saw a significant surge. However, that rally appears to have attracted bearish sentiment, and traders quickly seized the opportunity to take profits. Consequently, the session trimmed its gains down to just 4.43%.

Jito Statistics:

JTO’s Current Price: $2.749

Jito Market Capitalization: $811.6M

JTO’s Circulating Supply: 290.91M

JTO’s Total Supply: 1B

Zito’s CoinMarketCap Rank: 88

Key Price Levels:

Resistance: $3.000, $3.500, $4.000

Support: $2.500, $2.000, $1.500

Jito Retreated Below Key Marks

Earlier today, the JTO token experienced notable price increases. However, strong downward forces forced the session to relinquish a large portion of those gains. The upper shadow of the last price candle indicates that price action had surged through important technical landmarks earlier.

Since the market failed to establish support above these levels, bearish pressure triggered a contraction. That said, the most recent price candle remains green, hinting that some upward momentum persists. Meanwhile, the Stochastic Relative Strength Index (RSI) lines have resumed a downward trajectory, reflecting the recent price contraction. Combined with the compression of the 20- and 50-day Moving Average (MA) lines, these signals hint at a potential continuation of the downward retracement.

JTO Bulls Are Hanging in the Balance

On the 4-hour chart, price action had maintained an upward course since the previous session. However, the ongoing 4-hour session appears to have taken a heavier hit. This is evidenced by the small body of the latest price candle, which features a long upper shadow.

Consequently, price action is now trading below all the MA lines. Meanwhile, the Stochastic RSI continues to exhibit an upward crossover in the oversold region. Despite this, the prevailing bearish contraction makes it risky to remain bullish at this point. Traders might want to wait for the outcome of the current session before targeting a move toward the $3.00 level.

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