The price of Jito (JTO) has recently bounced back from a low of 2.79 and is now aiming to gain momentum above 3. This is a positive sign, as bulls may target a breakout and a potential cup and handle pattern. With Bitcoin’s outlook looking strong, a rally in JTO could result in a 50% gain from its current levels.
Jito bulls have shown resilience after a bullish breakout on March 29. On March 16, the price reached its highest level of $3.83, following the upward trend of Bitcoin. Altcoins are also gaining popularity, with Bitcoin reaching a record high above $73k and Ethereum surpassing $4,000.
Jito price outlook amid bullish Bitcoin
Despite some gains being pared, Jito appears to have established a new support zone at $2.75. This puts the restaking protocol’s price in an uptrend, which has been in place since JTO/USD hit a low in early January. It is crucial for bulls to maintain the $3.50 to $3.75 range, as a break above this level could lead to a retest of $4 and potentially even $6, the all-time high set on December 7 after JTO was listed on Binance.
The main support levels for Jito are between $2.79 – $2.50, which could indicate weakness based on the daily RSI indicator and MACD.
Traders will also be closely monitoring the sentiment surrounding Bitcoin, as it hovers near $70k. The performance of Solana’s SOL token is another important factor, as Jito is a Solana liquid staking token that has seen significant interest since its introduction.
