JTO Price Prediction: Can the Jito Token Price Gain a Double-digit Value?

The JTO price has almost remained neutral throughout this year and has attempted to overcome the $5 mark twice. It failed to exceed the $5 hurdle and displayed bearish momentum.

The price of JTO has remained relatively stable this year, with two attempts to break past the $5 mark. However, both attempts failed, leading to bearish momentum.

Since mid-May, the crypto asset has faced selling pressure and dropped due to resistance from a trendline. In mid-July, the Jito price managed to break out from the trendline and began moving positively.

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In terms of technical indicators, the Jito price has crossed the key moving averages, indicating interest from buyers. The RSI has formed a bullish divergence at the bottom and risen into the overbought zone.

Can the Jito Token Price Gain a Double-digit Value?

In his recent post, a well-known crypto trader, KNIGHT $INJ TO 100$ (@cryptoknight890), expressed optimism that the Jito price could reach $4, $6, $8, and $10 levels.

$jto going for double digits4⏳, 6⏳ ,8 ⏳, 10⏳ https://t.co/OgNPcHzv9r pic.twitter.com/voAmFmIEdM

The price appears to have found support at the bottom and is gaining bullish momentum. It has crossed the 200-day EMA, which could amplify the bullish trend.

JTO Price Forms Double-Bottom Pattern

The chart structure shows that the Jito price has formed a double-bottom pattern. The 2nd leg has resulted in a 74% gain over the past 3 weeks. During this momentum, it has crossed the 20-day EMA.

If the JTO price manages to hold the 20-day EMA, it could bolster confidence among buyers. The price has gained sufficient strength for the bullish momentum. If the chart structure manages to attract traders, JTO could reach double-digit levels soon.

However, if the digital asset price drops below the 20-day EMA, it could lead to panic among buyers and trigger panic selling. Due to the selling pressure, the Jito crypto price may face bearish momentum and drop to the $2 level.

Technical Analysis of JTO Price in a Daily Timeframe

At press time, the Jito crypto was valued at $3.16, showing a 1.92% loss in the past 24 hours. The market capitalization stood at $393.07 Million, while the 24-hour trading volume was $121.94 Million.

The technical chart highlighted a period of weakness in the Jito price over the past few months. It has managed to form a ‘Hammer’ candlestick at the demand zone and triggered a breakout from the trendline.

A recovery from the demand zone may propel the price toward the last swing high. Moreover, if the price drops below the 200-day EMA, selling pressure may become inevitable.

Will JTO Price Rise or Sink Further?

The recent bullish momentum in JTO price and the technical indicators suggest that the price may be poised to reach higher levels, even into the double digits. The double-bottom pattern and the recent gain in the past few weeks indicate positive sentiment among buyers.

However, it is crucial to keep an eye on the 20-day EMA, as it could either trigger panic selling if the price drops below it or serve as a confidence booster for buyers.

Technical Levels

Resistance for the Jito crypto price is expected at the $4.00 and $5.00 levels. For support, the price may find it at the $2.50 and $1.85 marks.

This article is for informational purposes only and does not provide financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your own research before making any financial decisions.

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