Jito (JTO) Price Surges 20%, Is the $3 Mark on Horizon?

• Jito (JTO) price is showing extreme bullish momentum on the technical chart.

• JTO price surged by 20% in the last 24 hours, showcasing the buyers’ dominance.

Jito (JTO) has shown an attractive technical recovery trend in the last few months, showing bullishness. As per CMC data, at the time of writing, the coin is changing hands at $2.29, against all odds after surmounting critical resistance boundaries. Looking at the price action, in April, JTO found a solid support area at the $1.5408 area and bounced back, breaking above the 50-day EMA level.

The most impressive change is that JTO has recently managed to break out above the falling trendline, which had been serving as dynamic resistance since the January highs. This escape with heavy volume indicates a possible change in the market trend, which could be bearish to bullish.

The price has already managed to retake the 50-day EMA at $1.9111 and is currently attempting to do the same to the 200-day EMA at $2.2547, which is a significant technical level.

What’s Next for Jito (JTO) price?

On the momentum front, the JTO MACD indicator is displaying bullish divergences. The MACD line has crossed above the signal line and has given a buy signal. The histogram is showing positive momentum that is increasing. Such a technical configuration usually occurs ahead of prolonged advancing price action, especially when it coincides with the existing price structure.

With an RSI level of 65.93, it can be viewed that JTO is extending towards the overbought region, although it can extend further to the upside before it becomes extremely overbought. The Social Sentiment indicator is displaying a neutral level of -0.1979. It indicates that the retail sentiment is not yet in line with the technical improvement, and thus, there is a possible upside potential as more buyers become aware.

A resounding close above the 200-day EMA would probably saddle the next leg up, with the first targets coming in at the $2.70-$3.00 resistance area.

The risk control is vital, and the new support is at the $1.91 area (50-day EMA), whereas a dive under the $1.54 level nullifies the bullish scenario. Technical breakouts coupled with momentum indicators turning positive, along with a good risk-reward configuration. This makes JTO a compelling candidate to continue uptrend as long as the wider cryptocurrency market environment continues to allow it.