Jito (JTO) Jumps 10% as Technical Indicators Flash Bullish Signals

• Jito (JTO) is trying to make a comeback as the price broke above key EMA levels.
• JTO price it is trading at $2.0790 with an intraday gain of 10% suggesting bullishness.

Jito (JTO) is showing strong indications of a technical recovery since it has managed to overcome key exponential moving averages, which is an indication of a possible change in the market sentiment. The altcoin has soared beyond the 50-day EMA at $1.8715 and is now trading at and around $2.0729 and recording a staggering 10% intraday increase as per the CoinMarketCap data.

The price action of the JTO indicates that the price has been able to recover major moving average levels, which were earlier acting as resistance levels. The 50-day EMA breach is a key milestone because the level is usually used as an indicator of short-term momentum. The fact that the 200-day EMA is also broken indicates strong buying pressure. If JTO price sustains above this longer-term resistance line, a larger rally may become possible.

Technical indicators are portraying a more and more bullish picture. The 61 RSI value puts the asset in the positive momentum zone without becoming overbought, which means that there is still a potential for further upside before the momentum oscillators force the asset to the resistance level.

The readings indicate that there is good purchasing interest, but there is more progress to be made. The fact that the MACD indicator is in the positive territory also supports the bullish thesis, and both the dynamics of the MACD line and the signal line confirm the existing upward trend.

What Next For JTO Price?

Source: TradingviewThe market sentiment analysis indicates positive sentiment of JTO, which is consistent with the technical breakout trend in the price charts. Such a combination of technical and emotional factors can frequently provide the conditions for long-term price dynamics. The resulting increase in market psychology and technical momentum may be the basis of further returns.

The critical juncture for JTO is holding a tight grip above the key EMA levels that it had recently conquered. Continued trading at levels above these critical points would probably confirm the breakout and would prompt a further upside rally.

In case JTO manages to hold these, traders and investors could be able to observe the new bullish run. Nevertheless, the inability to break above these key technical levels may lead to the retest of the lower support areas, and the current price action will become a turning point in the short-term trend of the JTO price.

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