Jito Retreats, Morpho Consolidates, Convex Rallies

Key Moments

DeFi Leaders in Focus Over the Last 24 Hours

Decentralized Finance (DeFi) tokens Jito (JTO), Morpho (MORPHO), and Convex Finance (CVX) featured among the strongest crypto performers over the last 24 hours. Jito retreated on Wednesday after a sharp rally the previous day linked to the launch of a new mainnet node. Morpho traded close to its 200-day Exponential Moving Average (EMA) near $1.50, while Convex Finance extended gains toward an important resistance trendline.

Jito Pauses After Sharp Mainnet-Driven Rally

Jito climbed 22% on Tuesday following the rollout of its new mainnet node. The advance stalled at the 50-day EMA, which capped intraday upside and underscored a prevailing downside bias. Both the 50-day and 200-day EMAs are sloping lower, reinforcing the broader bearish backdrop.

At the time of writing, JTO is down 7%, with price action threatening a move below $0.30. A confirmed daily close under this psychological level would expose the S1 pivot point at $0.21.

Daily chart indicators show conflicting signals. The Relative Strength Index (RSI) sits at 50, pointing to neutral momentum as short-term buying interest eases. In contrast, the Moving Average Convergence Divergence (MACD) is trending higher, with a positive signal line and an expanding histogram, indicating building bullish momentum.

To reassert a sustainable uptrend, Jito would need a decisive close above the 50-day EMA at $0.3462. Clearing that barrier could pave the way for an advance toward the R1 pivot point at $0.46.

Morpho Holds Near 200-Day EMA as Bullish Momentum Builds

Morpho is quoted at $1.51 at press time on Wednesday, testing its 200-day EMA at $1.50 after a 10% gain in the prior session. The upward slope of the 50-day EMA points to a constructive short-term trend. The token has added roughly 15% so far this week, following a 15% increase the previous week.

A firm daily close above the 200-day EMA at $1.50 would likely set up a move toward the R2 pivot point at $1.59.

Momentum indicators on the daily timeframe suggest buyers are in control. The RSI stands at 64, edging closer to overbought territory as demand strengthens. Simultaneously, the MACD and its signal line remain in positive territory with consecutive positive histograms, signaling a notable rise in bullish momentum.

However, if price finishes the day on a bearish note, it would point to a significant cooling of upside pressure and could trigger a pullback toward the R1 pivot point at $1.36.

Convex Finance Extends Three-Day Advance Above $2.00

Convex Finance has been rising for three consecutive sessions, pushing above $2.00. At the time of writing, CVX is up nearly 3% on Wednesday, continuing its rebound from the 50-day EMA at $1.96.

The token is closing in on a key descending resistance trendline at $2.21, drawn from the October 13 and January 29 swing highs. A strong close above $2.21 would likely open a path toward higher technical levels, including the 200-day EMA at $2.34 and the R1 pivot point at $2.53.

On the daily chart, the RSI is at 58 and rising from the midpoint, with room before entering overbought conditions. The MACD has crossed into positive territory while the histogram widens, pointing to a strengthening bullish impulse.

On the downside, immediate support remains at the 50-day EMA at $1.96. Below that, the next important level is $1.58, which aligns with the November 21 low.