Jito (JTO) price bounced off lows of $2.79 and is eyeing new momentum above $3.
A potential cup and handle pattern could see bulls target breakout alongside Bitcoin.
With BTC outlook positive, a rally for JTO could bring a 50% upside from current levels.
Jito (JTO) is looking to extend gains above $3 after bulls bounced off the support zone on March 29.
JTO reached highs of $3.83 on March 16, tracking gains by Bitcoin and top altcoins as BTC reached a new all-time high above $73k and ETH broke above $4,000.
Jito price outlook amid bullish Bitcoin sentiment
Despite paring gains, Jito looks to have established a fresh support zone at $2.75. The resulting upside to above $3.20 keeps the restaking protocol’s price in an uptrend, which has been in place since JTO/USD bottomed in early January.
In this case, the $3.50-$3.75 area looks crucial for bulls.
Although Jito remains in an uptrend, there’s potential for a downward flip if bulls fail to consolidate above $3.
If price climbs to $3.62, the technical picture will represent a cup and handle pattern. Check the chart below showing the daily price movements for JTO.
Strengthening above this area could see a bullish flip allow for a retest of $4. The key upside target above this level will then be $6. This is the area of the all-time high of $6.01 reached on December 7, 2023 following Binance’s listing of JTO.
On the downside, the main support lies near $2.79 and $2.50. The daily RSI and MACD indicators suggest weakness and these might be key price levels to watch.
Bitcoin price is also poised near the $70k level. As such, traders are likely to pay attention to sentiment around the benchmark crypto.
Solana (SOL) performance is another factor to consider. Jito is a Solana liquid staking token that’s seen great interest since its introduction.
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