JTO Surges 15% Breaking Long Term Trendline

JTO has recently experienced a significant price surge, breaking through a long-term descending trendline that had been in place since mid-2023. This breach indicates a potential shift in the token's price direction, as it has risen by nearly 15% over the last 24 hours to trade at around $2.30. The surge has placed JTO in a critical price area, where its medium-term trend could pivot.

The breakout was supported by increasing volume, suggesting a return of buying interest after months of sideways consolidation. The token regained momentum above the $1.99 support zone, a price point that previously acted as a pivot level during periods of volatility. This support zone is now seen as a key level, with a breakdown below it potentially negating the breakout thesis and taking the token down to $1.80 in a pullback.

The intraday price range of the last 24 hours shows a low of about $2.01 and a high of $2.40, documenting strong intraday volatility. The $2.40 level is now acting as immediate resistance. Traders are closely watching this area, as a clean break above it could set the stage for a move towards the short-term $3.00–$3.20 zone. However, some high-leverage traders have been reported taking partial profits at current levels due to the greater uncertainty in resistance. Meanwhile, holders of spot positions have shifted their stop-losses into break-even mode, a method of risk protection that safeguards capital in the event of a sudden reversal.

As JTO navigates this crucial juncture, traders appear to be balancing optimism with caution. The chart setup indicates a continuing bullish momentum, but confirmation is still needed. Evidence of higher volume and a strong close daily candle above $2.40 would strengthen the possibility of further gains. Alternatively, failure to stay above $2.20 could indicate exhaustion. The broader market has stabilized, allowing altcoins to regain lost territory, which may contribute to JTO's price surge.