Jito Price Rises 70% in May – Can Coinbase Listing Propel JTO to a New All-Time High?
Key Takeaways
- Coinbase will list JTO on its futures platform, with the price is close to an all-time high.
- JTO created a bullish engulfing candlestick on May 15 and increased by 10% on May 16.
- Can JTO reach a new all-time high in May, and if so, will the increase continue afterward?
On May 9, Coinbase International announced that it would list JTO, JUP and TNSR in its futures platform on May 16. While the prices of JUP and TNSR assets have increased slightly since the announcement, JTO has pumped significantly, putting its May increase at 70%.
More interestingly, the JTO price is only 13% below its all-time high. Can JTO maintain its momentum and reach a new all-time high, or is a retracement likely before that happens?
JTO Approaches All-Time High
The JTO price has increased alongside an ascending support trend line since the start of the year. The JTO price has bounced at this trend line thrice since April (green icons), creating long lower wicks each time.
The most recent happened on May 1, leading to a bullish hammer candlestick and a breakout from a descending resistance trend line the next day. Shortly afterward, JTO increased above the $3.70 horizontal area, the final area before an all-time high.
The JTO price reached the 0.786 Fibonacci retracement resistance level at $4.66 today. If it closes above it, there will be no more resistance until the all-time high price of $5.33.
Both the RSI and MACD are bullish and trending upward. The RSI is above 50 while the MACD is above 0, both crossing their thresholds for a bullish trend.
JTO Price Prediction: Will the Rally Become Parabolic?
The 12-hour JTO price chart shows that since its April 13 bounce, JTO has accelerated its increase twice, creating steeper ascending support trend lines (black). If the trend continues, this could mark the creation of a parabolic rally and trend line (yellow)
If this is the case, JTO could be in wave three of a five-wave increase (white), which is often the sharpest of the bullish waves, hence the parabolic trend line.
The first target for the top of wave three is at $5.96, giving waves one and three a 1:1.61 ratio. Then, the target for the entire increase is at $7.27. The 1.61 external Fibonacci retracement of the previous decrease gives this target. Both the targets would constitute new all-time highs.
Despite the bullish JTO price prediction, closing below the parabola will invalidate the count. In that case, JTO could fall to the closest support at $3.
JTO Rally to Continue
The JTO price has increased significantly in May, something that it is likely to continue. Since there is no more resistance left until the all-time high, the JTO rally could become parabolic soon. If the price reaches a new all-time high, the next resistances will be at $5.96 and $7.27.
