Market Overview: Jito/Tether (JTOUSDT) 24-Hour Technical Summary

Summary
• JTOUSDT opened at $0.807, peaked at $0.813, and closed at $0.777.
• A sharp sell-off in early hours saw price drop below key support at $0.785.
• Volume surged during the downwave, confirming bearish momentum.
• RSI and MACD signal oversold conditions and bearish divergence.
• Price consolidating near a 61.8% Fibonacci level from the recent swing high.

Jito/Tether (JTOUSDT) opened at $0.807 on 2025-11-08 at 12:00 ET, hitting a high of $0.813 before closing at $0.777 at 12:00 ET on 2025-11-09. The pair recorded a total trading volume of 1,779,583.4 and turnover of 1,435.9. A bearish breakdown below key support levels in the early hours set the tone for the session.

On the 15-minute chart, JTOUSDT formed a bearish engulfing pattern during the overnight Asian session, confirming a shift in sentiment. Price tested the 20-period and 50-period moving averages, both of which sloped downward, reinforcing bearish bias. The 50-period MA currently sits near $0.786, aligning with a major support-turned-resistance level.

The MACD crossed below the zero line with bearish momentum, while RSI dipped into oversold territory near 30, signaling potential for a rebound or extended bearish move. Bollinger Bands show increased volatility during the sell-off, with price closing near the lower band. This suggests a possible bounce, but only if volume diminishes.

A 61.8% Fibonacci retracement level from the $0.785 to $0.813 swing is now acting as a critical support at $0.776. If this level holds, a rebound into the $0.78–$0.785 range could occur. However, a breakdown below $0.772 could target $0.762 on the 15-minute chart.

Volume spiked dramatically during the early morning sell-off, particularly between 01:00 and 03:00 ET, confirming bearish sentiment. However, volume has dried up recently, suggesting traders may be taking a wait-and-see approach. Notional turnover aligns with volume, with no major divergences observed. This implies price action and volume are in sync, increasing the reliability of support/resistance levels.

Backtest Hypothesis
The Bearish Engulfing pattern has historically shown predictive power in confirming trend reversals, particularly in liquid crypto pairs. A potential backtest could focus on its efficacy in JTOUSDT over the past 6 months, measuring entry points 1–2 bars after confirmation, with stop-loss placed above the engulfing candle high. Given today’s pattern and bearish divergence in RSI and MACD, this strategy could be evaluated for a short-biased trade. Testing this over multiple timeframes (especially 15-minute and daily) would enhance robustness.