JTO Price Prediction: Will the Bullish Breakout Push Prices towards $5 Target?
JTO coin is rising with +2.62% today as it continues its 5-day winning streak. In only the past 5 days, the token has experienced more than +16% gains. According to this JTO Price Prediction, the coin is set to enjoy some further gains with $5 as a target.
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Jito Foundation Allocates 12 Million Tokens to Governance Delegates
The recent rise in JTO price is because of a big change in the governance structure by the Jito Foundation. They allocated 12 million JTO tokens, worth $23.5 million, to its initial governance cohort of 17 people and projects. This is about 10% of the total circulating supply of the JTO tokens.
The Jito Foundation selected these individuals and projects after issuing a call for volunteers on January 24. The public call received significant participation from major crypto companies and other entities. This change is seen as a positive sign for the governance of the Solana blockchain, which hasn’t been as active as some other blockchains.
The chosen delegates will use their voting power to help the Jito Foundation decide its future course. The Foundation also said that in the upcoming votes, they will talk about launching StakeNet, a new product from Jito. StakeNet is made to oversee the validators.
JTO Price Prediction – Could a Breakout lead towards $5 Target?
The Daily Price Chart of JTO/USDT cryptocurrency shows signs of possible bullish momentum ahead. The prices have currently reached the upper Bollinger band at $2.2587. The breakout above the upper Bollinger band after the squeeze has been observed in a previous daily candle. This indicates a potential upward trend ahead towards the target price of $5.
Summary
However, in between, the prices might face some resistance along the supply zone highlighted in the chart. Any break and closing above this zone would further strengthen the upward path towards the $5 price target. It is approximately 122% higher than the current price level. This bullish JTO price prediction is also supported by the increasing trading volume near the breakout.
On the other hand, if prices face heavy selling pressure here, they might fall down. In this scenario, the middle line of the Bollinger bands at $1.9856 will act as initial support for the JTO coin. Any break below this level could further drag the prices towards the lower Bollinger band at $1.7040.
Given the overall outlook, the prices have more chances of upward movement. Based on this Bolinger Bands strategy, the breakout above the upper band presents an opportune entry point for a long trade. The target of this trade could be set as $3 and beyond.
