In a recent review by World Of Charts, a leading crypto analyst, gave his breakdown on the recent breakout of Jito (JTO) exploring its potential for future gains by analyzing two distinct charts.
According to his report, JTO has already achieved a robust breakout exceeding 15%, and the analyst projects it could realistically double from its current levels.
The key, however, lies in carefully timing an entry point, especially if JTO experiences a retest.
JTO Eyes 70% Gain with Key Support Levels
The analyst began by examining the chart of JTO against the Dollars pair on Binance, showing key technical patterns.
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The price action indicates a descending triangle pattern, followed by a horizontal support line and a downward slope resistance line.
Earlier this year, the price has been consolidating within this structure. Recently, it has broken above the descending trendline, signaling a potential bullish breakout.
This chart indicates a potential 70.48% gain for Jito (JTO), targeting a price of $4.5 if the breakout holds.
Key levels include support around $2.5, tested multiple times, and new support at $3.0 from the breakout point.
JTO Eyes 2x Potential and Market Volatility Loom
The latest analysis from the next chart indicates JTO is testing a critical area with both horizontal and symmetrical triangle resistance, with a potential for a 2x increase if a breakout occurs soon.
While the earlier descending triangle pattern still holds significance, recent movements confirm a breakout above the bearish trendline, signaling a shift to bullish sentiment.
The analyst has revised the price target to a conservative 44.29%, or approximately $3.54, to reflect a cautious outlook amid recent price actions.
The breakout level around $2.5 remains crucial for JTO’s bullish trend confirmation; a successful retest would reinforce it, while failure to hold above this level could signal a false breakout.
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Key support is around $2.0, with resistance near 3.5 to $4.0, aligning with the updated target. The analyst noted that they could be a pullback to the breakout level before any further rise, but warns of a possible reversal if this retest fails, especially given the current crypto market volatility.
