Jito (JTO) has rebounded from a recent downturn, recovering from a low of $0.58 after hitting a resistance point at $0.8. Currently, the token is trading around $0.665, reflecting an impressive daily gain of 11.5%. The trading volume also saw a boost, rising by 42% to reach $41.3 million, helping Jito reenter the top 100 cryptocurrency market cap rankings.
This renewed interest in Jito indicates a resurgence in speculative demand, especially following the drop to $0.58. A noticeable shift in the derivatives market contributed to this uptick. As of now, derivatives volume has surged by 86% to $80 million, while open interest (OI) has increased by 21% to $65 million. This trend shows that traders are entering new positions, signaling a rise in market participation.
Specifically, Jito has seen $16 million in buy volume compared to $14.6 million in sell volume. This net buying activity resulted in a surplus of $1.4 million, suggesting that traders are more inclined to open new positions than to close existing ones. Such market behavior often precedes significant price movements, especially over the short term.
However, profit-taking could disrupt JTO's upward trajectory. As anticipated, some holders, who had previously faced losses, have now started to sell off. Recent data indicates that Jito experienced $5.19 million in spot inflows against $4.42 million in outflows. This shift has pushed the spot net flow up by 364% to $765,000, indicating an influx of assets into exchanges and increased selling activity.
Despite the gains, the question remains: can JTO maintain its momentum? As buyers stepped in, the altcoin’s relative strength index (RSI) increased from 42 to 48. Yet, the RSI signal line has dipped to 50, implying that while demand is recovering, it may not be strong enough for bulls to reclaim control. For Jito to establish a stronger bullish sentiment, the RSI needs to surpass the 50 mark, which would allow the token to break through the 20-day exponential moving average at $0.67 and potentially aim for $0.70. Nevertheless, the active selling pressure could lead to a decline below the $0.59 level.
