Jito Price Hits All-Time High Despite Market Correction
How Long Will JTO Price Increase Continue? | Credit: Hameem Sarwar
Key Takeaways
- The JTO price reached a new all-time high on April 3.
- It also broke out from its long-term consolidation pattern.
- Can the JTO increase eventually take the price to double digits?
Jito Network is a liquid staking solution on the Solana blockchain. It is the second biggest protocol in Solana with over $1.70 billion in Total Value Locked (TVL).
Even though the crypto market corrected between April 1 and 4, Jito bucked the trend and reached a new all-time high price yesterday. The strength shown in the correction leads to the possibility that the JTO price increase will accelerate further once the market stabilizes.
Jito Shows Strength in Correction
In line with the rest of the crypto market, the JTO price began a correction on April 2, which led to a low of $3.76 the next day. However, the ensuing upward movement was swift and led to a new all-time high of $5.32 the very same day. It also created a steep ascending support trend line.
JTO fell after the all-time high, possibly as a result of a bearish divergence in the RSI (green line). Despite the drop, the JTO price trades above its main horizontal support at $4.60.
JTO has shown significant strength by recovering all of its correction losses and more. But, a look at a higher time frame will determine if the upward trend continues.
JTO Price Prediction: How Long Will the Rally Continue?
The daily time frame also gives a decisively bullish outlook because of the price action, indicator readings and wave count.
The price action shows that JTO broke out from an ascending parallel channel. It also validated it as support afterward (green icon), creating a bullish candlestick.
The wave count shows a series of 1-2/1-2 wave formations. When this happens, the rally often accelerates and becomes parabolic. If the count is valid, the JTO price is correcting in the short-term and will soon begin sub-wave three (black) in wave three (white). This is often the most parabolic part of the upward trend.
The daily RSI and MACD are both increasing, supporting the continuation of the upward movement. A potential target for the top of the increase is at $8.50, giving waves one and three a 1:2.61 ratio.
Conversely, a close below the channel’s resistance trend line will put the upward movement at risk, possibly hinting that the local top is reached.
JTO Can Continue Reaching New All-Time Highs
JTO is ranked only #149 based on its market cap, and when combining this with the bullish chart and strength shown in the correction, it is very well positioned to continue increasing in the current market cycle. A new all-time high price above $8 is possible.
