Following a successful meeting with the SEC's Crypto Task Force, governance token Jito (JTO) soared, establishing itself as one of the top-performing cryptocurrencies. Uncover the drivers behind this rapid ascent and the exciting future prospects for this project.
The bullish momentum of JTO follows a decisive meeting between Jito Labs and the Crypto Task Force of the American Securities and Exchange Commission (SEC) on June 13th. During this discussion, the parties talked about a Token Transparency Framework and a blockchain initiative for securities trading, dubbed “Project Open.”
This meeting injected a renewed confidence among investors, triggering a rush in JTO purchases. The technical indicators reflect this new wave of optimism. The Relative Strength Index (RSI) surged significantly, reaching 62.39, confirming the bullish momentum.
The Directional Movement Index (DMI) also highlights increasing dominance of buyers in the JTO market. The DI+ (positive directional indicator) significantly outweighs the DI- (negative directional indicator), indicating a strong bullish momentum.
Currently trading at $2.30, a two-month high, JTO could break the key $2.39 resistance in the coming days. Once this level is surpassed and turned into support, the path would be open towards a short-term target of $2.53.
However, profit-taking could lead to a temporary correction, with potential support around $2.01.
The SEC’s commitment and encouraging technical signals are generating new enthusiasm around the Jito project. Investors seem to be betting on a bright future for JTO, which could continue its meteoric rise in the coming weeks.
Gaston has been a writer for over 7 years and a passionate cryptocurrency enthusiast since 2020. He loves exploring the crypto ecosystem and is now dedicated to sharing his insights and discoveries through InvestX.
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