JTO, the governance token of the Jito Network, is currently one of the best-performing assets following the meeting on June 13 between Jito Labs and the cryptocurrency task force of the U.S. Securities and Exchange Commission (SEC).
JTO is aiming for a significant breakthrough
Recently, Jito Labs and the SEC's cryptocurrency task force discussed the Token Transparency Framework and a blockchain securities trading initiative called 'Project Open'. This dialogue has opened up a new opportunity for JTO, as positive sentiment from investors has significantly increased.
The rising confidence of investors has created strong buying pressure as the new trading week begins. Technical indicators also show that optimism is increasing, especially the RSI of JTO, which is currently at 62.39 and trending upwards.
RSI is a tool for measuring the degree of overbought or oversold conditions of an asset. It oscillates between 0 and 100, with values above 70 indicating that the asset is overbought and may correct downwards, while values below 30 signal that it is oversold and may recover. With JTO's RSI indicating that the market is currently leaning towards accumulation rather than distribution, this could facilitate the continued rise in the token's value in the near future.
Additionally, JTO's DMI index further highlights the dominance of the bullish trend, as the positive directional indicator (+DI, in green) outperforms the negative directional indicator (-DI, in orange).
The DMI indicator is a tool for measuring the strength of price trends, consisting of two main lines: +DI, which represents upward price movement, and -DI, which represents downward movement. When the +DI line is above the -DI line, this indicates that upward price movements are stronger than downward price movements, thereby confirming a clear upward trend.
The widening gap between these two indicators on the JTO/USD chart further reinforces the dominance of the bulls, indicating that market momentum is strongly leaning towards growth. This is a positive signal for investors who favor upward trends, as the strength of the buying wave is becoming increasingly evident.
JTO price is heading towards a major resistance level
JTO is on the verge of a strong breakout, approaching a critical resistance level – the question is whether the bulls have enough strength to overcome this level?
At the time of writing, JTO is trading at its highest level in the past two months, reaching $2.24. With increased buying pressure, this altcoin may soon surpass the resistance level of $2.39.
If this resistance level is broken and becomes solid support, JTO may continue its upward momentum, targeting $2.53 in the short term.
However, it should be noted that if profit-taking activity suddenly increases, this token may face a slight correction, and in that case, the price could drop to $2.01 before continuing the upward trend.
