If Jito closes below $2.85 support, a 17% decline to $2.85 is anticipated, especially if Bitcoin initiates a correction.
Jito (JTO) has exhibited an ascending trend in price since early January, when it established a local low. JTO has since retested the pivotal swing point that was established in early December, indicating that the bulls still have the intention of advancing.
The price of Jito formed a spherical bottom from December 9, 2023, to March 16, 2024.
However, the retracement that commenced after mid-March suggests that this rounded bottom may evolve into the cup and handle a bullish pattern.
This technical configuration consists of a “cup,” a rounded depression, succeeded by a “handle.”
A brief, downward slope to the right of the cup’s apex constitutes the handle. It does not typically descend below the cup’s bottom. It is crucial to have a trend line connecting the summits of the cup and the handle to monitor a breakout.
A 56% upswing to $6.0 is predicted for a decisive close above this resistance level; this is calculated by adding the distance from the cup’s apogee to the right side and the bottom of the cup to the breakout point at $3.86.
This maneuver will be captivating, surpassing the psychological barriers of $4 and $5 to capture the subsequent one at $6.
Although the Jito price forecast appears reasonable, confirmation regarding the cup and handle configuration has not yet been received.
Cup formation for the pattern has not yet occurred. In addition, confirmation from JTO would require the escape level at $3.86 to be flipped.
Bitcoin Influence and Support Levels for Jito
The Jito price may experience a decline if the Bitcoin price initiates a correction. If JTO were to conclude its twelve-hour candlestick below the $2.85 support level, a lower low would be formed, and the bullish thesis would be invalidated.
This development may precipitate a 17% decline to $2.85, the subsequent significant support level.