Jito (JTO) skyrockets after the meeting with SEC - Will the next breakthrough be 2.53 dollars?

JTO, the governance token of 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 Securities and Exchange Commission (SEC).

JTO is aiming for a major breakthrough

Recently, Jito Labs and the SEC's cryptocurrency task force discussed the token transparency framework and the blockchain securities trading initiative called "Project Open." This dialogue has opened up a new opportunity for JTO, as positive sentiment from investors has increased significantly.

The increasing confidence of investors has created strong buying pressure as the new trading week begins. Technical indicators also show that optimism is rising, especially the RSI of JTO, which is currently at 62.39 and tends to continue to rise.

RSI is a tool used to measure the overbought or oversold level of an asset. It fluctuates between 0 and 100, with a value above 70 indicating that the asset is overbought and may correct downward, while a value below 30 signals an oversold condition and may recover. With the RSI of JTO indicating that the market currently leans toward accumulation rather than distribution, this could facilitate the value of the token continuing to rise in the near future.

! JTO RSI | Source: TradingViewBesides, the JTO DMI further highlights the dominance of the bullish trend, as the positive directional indicator (+DI, the xanh) color is outperforming the negative directional indicator (-DI, the cam) color.

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 distinct upward price trend.

The widening gap between these two indicators on the JTO/USD chart further strengthens the dominance of the buyers, indicating that market momentum is strongly leaning towards growth. This is a positive signal for investors who favor an upward trend, as the strength of the buying spree is becoming increasingly evident.

JTO DMI | Source: TradingView## JTO Price is heading towards the main resistance level

JTO is on a strong upward trend, approaching a significant resistance level – the question is whether the buyers have enough strength to break through 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 surpass the resistance level of $2.39 in the near future.

If this resistance level is broken and becomes strong support, JTO may continue its upward momentum, targeting a level of $2.53 in the short term.

However, it should be noted that if profit-taking activity increases suddenly, this token may face a slight correction, and in that case, the price may drop to the level of 2.01 dollars before continuing the upward trend.

JTO price chart 1 day | Source: TradingViewLilly