Jito (JTO) Price Surge: 50% Upside Potential After Falling Wedge Breakout

Jito (JTO) price forecast: Mapping path for potential 50% surge after falling wedge breakout

Jito (JTO) has shown a significant trend shift to the upside, with technical signals and on-chain indicators pointing to a potential 50% surge following a falling wedge breakout. The Chaikin Money Flow has rebounded from -0.20 to +0.01, indicating new inflows into the Jito ecosystem as investors accumulate following the latest breakout. This is the first time the altcoin records positive inflows in several weeks, suggesting increased purchases at current prices could ensure steady uptrends for the altcoin in the upcoming sessions.

The 1D Moving Average Convergence Divergence (MACD) has shown a bullish crossover with the signal line, demonstrating a buyer comeback. Additionally, the daily Relative Strength Index (RSI) at 55 indicates that the market is yet to hit the overbought region, suggesting more gains for JTO before possible retracements. On-chain metrics also back Jito's upside trajectory, with the Long/Short ratio jumping to 1.1039 in the past day and JTO's Open Interest in cryptocurrency exchanges soaring 5% within the last 24 hours, confirming renewed investor optimism in the altcoin.

Jito currently trades at $3.11 with adequate momentum for continued gains. However, its upcoming performance will depend on its reaction to the resistance at $2.90. A decisive candlestick closing beyond this obstacle will confirm robust bullish momentum, potentially propelling JTO towards the $3.50 target, where buyers could book profits. Breaching this psychological resistance might propel JTO towards $4.6 in the coming weeks. However, failure to sustain above $2.90 could plunge the asset to the support barrier at $2.2 - $2.0, resulting in a more than 30% slide from current prices.

Despite the potential risks, JTO exhibits massive bullish strength after overcoming the $2.90 resistance. Bullish on-chain and technical signals confirm an upward trend. However, the declined daily trading volumes signal potential dips before upward resumptions. Enthusiasts should monitor key price levels and broad market sentiments to determine Jito's direction in the upcoming sessions.