Jito (JTO) Upside Retracement Sees a Setback

In more recent trading sessions, price action in the Jito market has been recovering towards higher grounds. This started after the market crashed below $3.000 towards the $2.50 price level. However, following the mentioned recovery, the token now trades above the $3.000 mark.

JTO Statistics:

JTO Price: $3.226

Jito Market Capitalization: $864.64M

JTO Protocol Circulating Supply: 274.66M

Jito Total Supply: 1B

JTO CoinMarketCap Rank: 109

Key Price Levels:

Resistance: $3.500, $4.000, $4.500

Support: $3.000, $2.500, $2.000

Jito Experiences a Minor Bearish Retracement

Price activity in the JTO token market over the past session managed to record some recovery. However, the ongoing session on the daily chart shows that this token has, as of today, exited the green. This can be visualized through the appearance of the last red price candle on the chart.

Nevertheless, price action seems closer to the 50-day Moving Average (MA) line as a resistance. Meanwhile, the Stochastic Relative Strength Index (RSI) lines can be seen keeping to a general upward trajectory with a slight deflection on the lead line of the indicator. This can be attributed to the ongoing retracement on the chart.

JTO Bulls Look Resilient

The Jito 4-hour market has displayed that buyers in the market are putting up a fight at the $3.200 threshold. This stated opinion arises from the fact that the last price candle, corresponding to the ongoing session, has appeared green. This price candle indicates that there has been more buying than selling in this market so far in the ongoing session.

Also, the 20- and 50-day MA lines have just delivered a newer upside crossover below recent price action. Nevertheless, the Stochastic RSI lines can be seen falling generally into the oversold region. Therefore, traders should tread with caution as they anticipate an upside recovery toward the $3.500 price level.

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