JTO in Downtrend, Death Cross Confirmed
The Most Important Points at a Glance
Jito (JTO) is in a downtrend and has recently formed a “Death Cross” on the chart. In this pattern, the 50-day EMA has fallen below the 200-day EMA, which is considered a bearish signal. Despite this development, the RSI shows a bullish divergence, which could indicate a potential recovery.
JTO Under Pressure: Resistance and Support Levels
Since reaching its seven-month high in December 2024, JTO has been forming lower highs continuously. Currently, the price is moving between $2.0 and $2.1. The next dynamic resistance level is at $2.21 (20-day EMA). If the price surpasses this level, the trend could reverse in the short term.
The “Death Cross”—a technical signal indicating a possible continuation of the downtrend—was confirmed when the 50-day EMA ($2.63) fell below the 200-day EMA ($2.53). If the price drops below the support zone of $2.1 to $2.4, the next relevant support level could be between $1.86 and $1.88.
RSI Divergence: Hope for a Recovery?
The Relative Strength Index (RSI) is currently at 47, below the neutral mark of 50. However, it is forming higher lows, while the price is making lower lows. This bullish divergence could indicate an upcoming recovery or at least a short-term stabilization. If the price holds the $2.3 level, it could confirm the RSI divergence. Otherwise, a further decline toward $1.86 is possible.
Derivatives Data: Market Positioning and Sentiment
According to Coinglass data, JTO’s open interest (OI) has increased by 89% in the last 24 hours to $51.21 million. At the same time, trading volume has risen by 92%, indicating increased market activity.
The long/short ratio fluctuates between 0.98 and 1.10, suggesting a nearly balanced market sentiment. However, Binance data shows that top traders are slightly leaning toward long positions.
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Funding rates are neutral to slightly negative, indicating that short positions are currently paying long positions. If open interest continues to rise while funding rates remain negative, a short squeeze could occur if the price increases. Otherwise, the downtrend may persist.
Our Assessment
JTO remains in a challenging market environment. The “Death Cross” signals a possible continuation of the downtrend, while the bullish RSI divergence suggests a short-term recovery. The key factor will be whether the price can hold the $2.3 level. Otherwise, a further decline toward $1.86 could follow. The increasing market activity suggests heightened volatility, which could present short-term opportunities for traders.
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