At press time, there has been a rise in spot market selling, a trend ongoing for the past four days.
The last two days have seen the most intense activity, as sellers offloaded $1.92 million worth of the asset, adding downward pressure to its price movement
Despite this, market reaction has remained positive, and the asset has continued its upward trend. In fact, JTO recently broke out of an ascending channel—a bullish pattern.
This breakout typically acts as a catalyst for further upward movement. In this case, JTO surged 30% to reach $2.95.
Spot investors could play a decisive role in the overall rally if they begin accumulating the asset instead of selling.
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