JTO rose approximately 12% in the past 24 hours, but the derivatives market did not respond with a corresponding strengthening. While prices rebounded, selling pressure remained dominant in perpetual contracts, suggesting that this upward movement is not yet fully supported by position structure.

The long/short ratio fell below 1

CoinGlass data shows that the JTO perpetual contract long/short ratio has dropped to 0.87, indicating that short selling volume is higher than long selling volume. At the same time, funding rates have turned negative, suggesting an increase in the number of short contracts, and market sentiment has not improved in tandem with price increases.

The liquidation data also did not show a significant short squeeze. During the price rise, the difference between the liquidation amounts of long and short positions was only about $7,000, reflecting that this rebound has not yet formed a strong and continuous bullish position drive.

Price enters resistance zone

From a technical perspective, JTO has entered the upper resistance zone. If selling pressure continues to increase, the price may fall back and test the lower upward-sloping support line. The current range is more like a test level after a rebound than a completed breakout.

The article mentions that the Aroon indicator shows buying momentum is weakening, and the Aroon Up has fallen from its high. However, the Money Flow Index (MFI) remains in a relatively strong zone, indicating that funds are still flowing into the market, which may limit the extent of the short-term pullback.

Open interest rebounds

In the previous trading day, JTO experienced a leveraged outflow of approximately 20%, with open interest dropping to $33.44 million. Latest data shows this figure has rebounded to $39.58 million, indicating that some leveraged funds have re-entered the market.

Overall, while JTO prices have rebounded, the funding rates, trading direction, and position structure of perpetual contracts have not yet formed a consistent bullish signal. Future price movements will depend on whether the inflow of funds can be sustained and whether the short-selling dominance begins to ease.