JTO, the governance token of Jito Network, is currently one of the top-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 heading towards 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 increase in investor confidence has created strong buying pressure as the new trading week begins. Technical indicators also show that optimism is rising, particularly JTO's RSI, which is currently at 62.39 and trending upwards.
RSI is a tool for measuring the level of overbought or oversold of an asset. It fluctuates between 0 and 100, with values above 70 indicating that the asset is overbought and may correct downward, while values below 30 signal an oversold condition and may recover. JTO's RSI indicates that the market currently leans towards accumulation rather than distribution, which could facilitate the token's value to continue rising in the near future.
JTO RSI | Source: TradingView
In addition, JTO's DMI further highlights the dominance of the upward trend, as the positive directional indicator (+DI, in green) is outperforming 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, it indicates that upward price movements are stronger than downward movements, thus confirming a clear upward trend.
The widening gap between these two indicators on the JTO/USD chart further reinforces the dominance of buyers, indicating that market momentum is strongly leaning towards growth. This is a positive signal for investors favoring upward trends, as the strength of the buying phase is becoming increasingly evident.
JTO DMI | Source: TradingView
What's next?
JTO is on a strong breakout path, approaching a critical resistance level – the question is whether the buyers have enough strength to overcome this level?
At the time of writing, JTO is trading at its highest in the past two months, reaching $2.24. With increased buying pressure, this altcoin may surpass the resistance level of $2.39 in the near future.
If this resistance level is broken and becomes solid support, JTO may continue its upward momentum, aiming for a target of $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 its upward trend.
JTO 1-day price chart | Source: TradingView
