- Jito (JTO) price has rebounded from a low of $2.79 and is looking for new momentum above $3.
- A potential cup and handle pattern could see bulls targeting a breakout with Bitcoin.
- With a positive outlook for BTC, a rally in JTO could result in a 50% upside from current levels.
Jito (JTO) is looking to extend its gains above $3 after the bulls bounced off the support zone on March 29th.
JTO reached a high of $3.83 on March 16, tracking the gains of Bitcoin and top altcoins as BTC hit an all-time high above $73,000 and ETH surpassed $4,000.
JITO price outlook amid strong Bitcoin
Despite the small gains, Jito appears to have established a new support zone at $2.75. The upside above $3.20 keeps the price of the restaking protocol in an upward trend that has persisted since JTO/USD bottomed in early January.
In this case, the $3.50-$3.75 region looks very important to the bulls.
Although Jito is still maintaining an upward trend, there is a possibility of a downward reversal if the uptrend does not consolidate above $3.
If the price goes up to $3.62, the technical picture shows a cup and handle pattern. Check out the chart below showing the daily price movements of JTO.
Strengthening above this area could result in a bullish reversal allowing for a retest of $4. The main upside target above this level would be $6. This corresponds to the all-time high of $6.01 reached on December 7, 2023, following Binance’s JTO listing.
On the downside, major support levels lie near $2.79 and $2.50. The daily RSI and MACD indicators suggest weakness and this could be a key price level to watch.
The price of Bitcoin is also close to the $70,000 level. Therefore, traders are likely to pay attention to sentiment towards the benchmark cryptocurrency.
Solana (SOL) performance is another factor to consider. Jito is a Solana liquid staking token that has received a lot of attention since its launch.