Jito (JTO) Token Surges 20%, Will the Massive Bullish Engulfing Candle Prolong the Uptrend to Create a New All-Time High?

Over the past 24 hours, the JTO token has surged nearly 20%, bringing its market capitalization closer to the $500 million mark. With this momentum

The Jito (JTO) price experienced a significant 23.35% price rally last night. It forms a massive bullish engulfing candle on the daily chart and crosses above the 50% Fibonacci level at $2.9387 and the 67.80% Fibonacci level at $3.2715.

This bullish engulfing candle undermines the prevailing consolidation and moves past the high supply pressure at the 61.80% Fibonacci level. It marks a change of character for the JTO price trend and increases the chances of a bullish trend continuation.

However, the intraday candle shows a higher price rejection as it fails to reach the 78.60% Fibonacci level at $3.8113. The bullish failure resulted in a 24-hour high at $3.6815 and is currently trading at $3.4252. This bullish reversal drops the intraday gain to 1.57%.

Despite this brief pullback, the broader trend remains bullish. Jito recently broke out of a descending triangle pattern and bounced off the 38.2% Fibonacci retracement. The post-retest rally has seen the 50-day and 200-day EMAs form a bullish gap following a recent golden crossover.

Moreover, the 100-day and 200-day EMAs are approaching a potential bullish crossover, further adding to the bullish outlook. The MACD has regained positive momentum, with the signal line and histograms confirming the shift from bearish to bullish.

Jito Targets $5.92

As the underlying dynamics turn bullish, a minor retest of the 61.80% Fibonacci level will likely propel the JTO price. The reversal rally will test the 78.60% Fibonacci resistance level at $3.8113. This is a crucial juncture for Jito.

A breakout above this will likely see a massive surge to $5.92, which is the 1.272 Fibonacci level. On the flip side, if the price fails to break through this resistance, a pullback may occur to the 50% or 38.2% Fibonacci levels at $2.94 and $2.60, respectively.