Top Crypto Gainers: Jito drops, Morpho holds steady, Convex Finance climbs

• Jito is down 7% on Wednesday after the 50-day EMA capped Tuesday’s 22% rise.
• Morpho remains around $1.50, near the 200-day EMA, with approximately 15% gains so far this week.
• Convex Finance is up 2% on Wednesday, extending gains above $2.00 and approaching a crucial resistance trendline.

Decentralized Finance (DeFi) tokens, including Jito (JTO), Morpho (MORPHO), and Convex Finance (CVX), rank among the top-performing crypto assets over the last 24 hours. Jito dips on Wednesday after rallying 22% the previous day on the launch of a new mainnet node. Mopho holds near its 200-day Exponential Moving Average (EMA) at approximately $1.50, while Convex Finance extends higher toward a key resistance trendline. 

Jito takes a breather after a bullish spike

Jito surged 22% on Tuesday on the launch of its new mainnet node. However, the 50-day EMA capped the intraday gains, reflecting the downside bias. The declining downside slope of the 50-day and 200-day EMAs reaffirms the prevailing bearish bias. 

At the time of writing, JTO is down 7%, risking a pullback below $0.30. A decisive close below this psychological support could extend the decline to the S1 pivot point at $0.21. 

The technical indicators on the daily chart flash mixed signals. The Relative Strength Index (RSI) at 50 remains neutral as short-term buying pressure wanes. Meanwhile, the Moving Average Convergence Divergence (MACD) exhibits a steady upward trend, with the signal line remaining positive and the histogram expanding. This suggests a rush in bullish momentum. 

To reinstate an upward trend, the Jito must hold a decisive close above the 50-day EMA at $0.3462, which would extend the upside to the R1 pivot point at $0.46.

Morpho tests a crucial resistance

Morpho is trading at $1.51 at press time on Wednesday, testing its 200-day EMA at $1.50 following a 10% jump on the previous day. The upward slope in the 50-day EMA reflects a short-term bullish bias. The DeFi token has extended its weekly gains by roughly 15% so far, following the 15% rise in the previous week. 

A decisive close above the 200-day EMA at $1.50 would likely test the R2 pivot point at $1.59. 

The technical indicators on the daily chart reflect a buy-side dominance. The RSI is at 64, inching closer to the overbought zone as buying pressure increases. At the same time, the MACD and signal line extend into positive territory, with successive positive histograms. This suggests a significant increase in bullish momentum. 

However, a bearish close to the day would indicate significant easing of upside pressure, risking a retest of the R1 pivot point at $1.36.

Convex Finance rally gains traction

Convex Finance continues to rise for the third consecutive day, surpassing $2.00. At the time of writing, CVX is up nearly 3% on Wednesday, extending its bounce back from the 50-day EMA at $1.96. 

The DeFi token is approaching a crucial resistance trendline at $2.21, which connects the October 13 and January 29 highs. A decisive close above $2.21 would likely open the door to higher resistance levels, including the 200-day EMA at $2.34 and the R1 pivot point at $2.53. 

The RSI at 58 on the daily chart is rising upwards from the midline with further upside before reaching the overbought zone. Additionally, the MACD crosses into positive territory as the histogram widens, indicating a surge in bullish momentum. 

On the flip side, crucial support remains at the 50-day EMA at $1.96, followed by $1.58, which aligns with the November 21 low.