Jito [JTO] crashed after facing rejection at $0.8, declining to a low of $0.58. Buyers then stepped in at the $0.6 support, defending this key level. As a result, at press time, Jito was trading at around $0.665 after rising 11.5% on the daily charts.
Over the same period, the altcoin’s trading volume climbed 42% to $41.3 million, while the market cap reclaimed a spot in the top 100.
Jito records renewed speculative demand
After JTO dropped to $0.58, buyers returned to the market with strength. This demand was especially elevated on the derivatives side.
Source: CoinGlass
At the time of writing, Derivatives Volume surged 86% to $80 million, while Open Interest (OI) climbed 21% to $65 million. As both OI and volume increased, traders opened new positions, indicating increased participation.
The capital flowed mostly into the perps’ positions. According to Coinalyze, Jito recorded 16 million in Buy Volume compared to 14.6 million in Sell Volume.
Source: Coinalyze
As a result, the perps’ net buying rose to 1.4 million. A positive delta here suggests traders opened more positions than closed.
Such market behavior pointed towards higher speculation. Often, such market conditions have preceded price pumps, especially in the short term.
Profit takers could spoil JTO’s rally
As expected, after Jito reversed the trend, some holders who had been underwater rushed into the market and cashed out.
According to CoinGlass data, the altcoin recorded $5.19 million in spot inflows compared to $4.42 million in outflows. As a result, the spot net flow jumped 364% to $765k.
A positive netflow suggested more assets flowed into exchanges, meaning more sellers were active. Typically, increased profit-taking has weakened market structure, leading to a retracement.
Can JTO’s upside momentum hold?
Jito made significant gains as buyers stepped in. As a result of renewed demand, the altcoin Relative Strength Index (RSI) rose from 42 to 48 as of writing.
While the RSI continued to rise, the signal line dropped to 50. This suggests that although demand has recovered, it remains insufficient for bulls to fully retake the market.
Source: TradingView
Therefore, to validate this upside move, buyers need to push for the RSI to flip 50. In doing so, the altcoin will be strong enough to flip the 20-day EMA at $0.67 and target $0.70.
However, with sellers remaining extremely active, profit-taking could push the altcoin back below $0.59.
Final Summary
- Jito surged 11% and successfully defended $0.6, touching a local high of $0.668 before slightly retracing.
- JTO saw renewed speculative demand, driving the upside momentum, but profit-taking followed, threatening these gains.
