- JASMY bulls are likely to defend the $0.05000 support in the event of a retest.
- JASMY registered weekly gains of 102%, trading above the key EMAs.
Since the second week of November, JasmyCoin (JASMY) has been trending higher and crossed a 52-week high trajectory. Over the last seven days, JASMY price has doubled.
At press time, JASMY coin price was trading at $0.05347, noting a price surge of over 14.2% in the last 24 hours. Its market capitalization rose to $2.572 Billion.
Will JASMY Bulls Spark a Sustained Long-Term Rally?
JasmyCoin price has doubled this week and showed a sharp upward momentum on the chart.
The JASMY rally was seen at the end of November by an increase in demand, as shown by a steady rise in Supply outside Exchanges. It denoted accumulation over the last few days.
Similarly, sell pressure eased, as evidenced by the drop in the Supply on Exchanges.
Furthermore, the Market Value to Realized Value (MVRV) ratio was positive at 11.43%, underscoring that short term holders were profitable.
A recent tweet by The Long Investor further adds weight to the bullish thesis. The X (formerly Twitter) user noted that JasmyCoin price has made a higher high above wave 1 now.
It currently sails within the rising 3rd wave and is eyeing an upside target of $0.05718 followed by $0.08297 for the coming days.
JASMY Whales are Accumulating Again
Data from IntotheBlock revealed that whales have started accumulating JASMY crypto as evidenced by the large transactions reading. Over the past 24 hours, it surged over 13.25% which represents a bullish stance.
Their buying can also reduce the available supply on exchanges, creating more upward pressure on the JasmyCoin.
Moreover, the net network growth reading noted an increase of over 2.40%, reflecting bullish sentiment.
Moreover, 78% of in-the-money holders were profitable at the current price levels, suggesting that short term holders continued accumulating the altcoin.
JASMY Price Prediction: Can it Cross $0.0600?
JASMY coin price remains in an uptrend, as reflected by its rising EMA lines, with short term averages still above long term ones. This indicates an overall uptrend. An expanding gap between these lines suggests an increase in buying momentum and further room for growth.
The RSI, or Relative Strength Index measures momentum was at 78, signaling overbought conditions and revealing bullishness on the chart.
The bullish reading was noted on JASMY’s Moving Average Convergence Divergence (MACD). It shows a bullish crossover and signals a resurgence in bullish sentiment towards the altcoin.
Such a crossover is a bullish signal prompting traders to view it as a buying opportunity.
The Average Directional Index (ADX), which measures the strength of the trend at 57, represents that the uptrend was intact.
Data from futures markets reflected a bullish thesis. Open Interest (OI) has risen over 7.67% to $126.04 Million in the last 24 hours.
Also, the long/short ratio stood at 0.9964%, favoring an uptrend, with 51% of long contracts dominating the market.
The immediate support zones were $0.5100 and $0.4980, whereas the resistance levels were $0.5500 and $0.5890.
Disclaimer
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
Dr. Naveen Singh is an entrepreneur with achievements in sports, academics, healthcare, innovation, blockchain technology, telecommunications, and philanthropy. He is the Co-Founder and Chief Executive Officer (CEO) of Inery, the first layer-1 blockchain programmed for database management. With Inery, he aligns with his vision of a new paradigm for data to empower web3 and complete decentralization.