The Jito price is exchanging hands at $3.06 as of 3:00 am EST, up 2.8% over the last 24 hours, according to data from CoinMarketCap.
JTO has been on an extended uptrend since finding support from the $1.50 support floor i January. Since then, the price has more than doubled to the current level. The technical setup projects a massive breakout for the token.
Jito price readies for a rally to new all-time highs of $5.67
The JTO price action has led to the formation of a cup and handle chart pattern on the daily chart, as shown below.
This chart pattern consists of a rounded bottom called a ‘cup’ followed by a ‘handle.’ The handle is a brief, downward trend to the right of the cup’s peak. It typically doesn’t fall below the bottom of the cup. A trend line drawn connecting the cup and the handle’s peaks is called the “neckline” and is key for tracking a breakout.
A clear daily candlestick close above the neckline forecasts a 58% upswing to $5.66 obtained by measuring the distance between the cup’s peak to the right side and the bottom of the cup and adding it to the breakout point at $3.58. This move would be interesting to watch as it represents an 84% ascent from the current price and ushers the new crypto into price discovery, breaching the psychological levels at $4.0 and $5.0.
TradingView Chart: JTO/USDT
While the outlook for the Jito price looks logical, the confirmation for the cup and handle setup is not yet here. The cup part of the pattern is yet to form. Beyond that, JTO needs to flip the breakout level at $3.86 to provide confirmation.
At the time of writing, the relative strength index (RSI) was facing downward, suggesting that the bears were taking control of the price.
If the wider market corrects, Jito’s price could slide lower. In such a case, a daily candlestick close below the $3.0 psychological level would create a lower low and invalidate the bullish thesis.
This development would see JTO drop to revisit the bottom of the cup at $1.5, representing a 50% loss from the current price.
