Solana-based altcoin JITO is experiencing a sharp price drop, causing panic among buyers. We explore a possible return to the $2.68 support level and its market implications.
Current JTO Price Analysis
On the daily chart, the JTO price shows an upward trend, but a recent 7.87% drop may signal a sharp reversal. The current price is at $3.50, with a bearish engulfing candle crossing the 50% Fibonacci level. This could undermine recent gains and indicate a potential drop to the $3.18 support level.
Technical Indicators
The MACD warns of a potential bearish crossover. The dynamic support lines of the 20, 50, and 100-day EMAs are rising, providing immediate support at $3.35 with significant support at the 50D EMA at $2.93.
Will JTO Overcome the $3.18 Support?
If upward momentum resumes from the dynamic average lines, the target may reach $4. However, significant resistance is at $3.80. Continued upward movement is possible only after this barrier is surpassed. In case of a bearish breakout, the JTO price could test the 100-day EMA at $2.70 again.
Considering the broader market conditions, the $3.18 support level may play a critical role in future JTO price movement. If the upward trend continues, a rise to $5.33 is possible. However, a break below support could result in further declines.
