Technical Analysis: Jasmy Coin Price Movements Indicate Bullish Potential

Jasmy Coin, the cryptocurrency tethered to Tokyo’s renowned IoT service provider, Jasmy Corporation, has captured the attention of technical analysts and market stakeholders. Its recent price actions have signaled potential opportunities and challenges ahead.

Our detailed analysis on August 13 revealed that Jasmy Coin successfully breached its descending trend line, a line that had been intact since May 5, 2023. This former resistance line has now transitioned into a potential support level. However, there are hurdles to overcome. 

As we pointed out before, anticipating a potential bull run for the remainder of 2023, Jasmy Coin would suffer a correction to confirm the trend reversal. The wider cryptocurrency market felt the shockwaves of Bitcoin’s downturn on August 17. Consequently, Jasmy Coin’s valuation dipped below its June 20 price levels. 

Nonetheless, the coin showcased resilience, rallying to challenge the aforementioned descending trend line for a fourth consecutive time. As of now, Jasmy Coin stands above the descending trend line and hovers near the 99-day MA, which sits around the $0.0039 mark. If Jasmy Coin manages to sustain above these technical levels, it could set the stage for a bullish trend, offering lucrative returns for traders and investors.

jasmycoin-breakout.png

Source: Binance

Technical Barriers: Double Top and Long-term Indicators

As pointed out before, earlier in 2023, Jasmy Coin registered two prominent price peaks. The initial surge peaked at $0.008364 on February 8, and the subsequent one, a tad lower, at $0.007967 on May 5. These levels, forming a classic “double top” pattern, are crucial resistance zones. A rally that revisits these levels could potentially yield returns approaching 100%. However, traders must exercise caution. Cryptocurrencies, with their inherent volatility and pronounced correlation to Bitcoin’s price fluctuations, are unpredictable. A bearish trend in Bitcoin might temper Jasmy Coin’s bullish aspirations.

Another significant technical level to monitor is the 55-week Moving Average (MA), which marked the climax of Jasmy Coin’s previous bullish cycle. It is currently stationed around the $0.005 mark, representing a pivotal long-term bullish indicator.

About JasmyCoin

Jasmy Coin pioneers the integration of IoT and blockchain, aiming to optimize data interchange between service providers and end-users. With the power of edge computing and IPFS, Jasmy champions data democratization, fortifying data security, endorsing user data sovereignty, and enabling service providers to harness user-centric data.

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Jasmy Coin Price Analysis 2023: Breakout, Challenges, and Predictions for a Bull Run

Breaking Above the Downside Trending Line

Jasmy Coin, the cryptocurrency of Tokyo-based IoT provider Jasmy Corporation, has recently broken above its daily downside trending line, now serving as a support line, for the first time since May 5, 2023. This significant technical development has piqued the interest of market participants.

jasmy-coin-trending-line.JPG

Source: TradingView

Challenges Before a Bull Run

Before embarking on a potential bull run for the remainder of 2023, Jasmy Coin is anticipated to correct to test and confirm the breakout. The 99-day Moving Average, currently situated at $0.00429, stands as a formidable resistance line to overcome.

Jasmy Coin Price Prediction for 2023 and 2024

The double top, marked by price peaks of $0.008364 on February 8, 2023, and $0.007967 on May 5, 2023, will present the first major challenge. Should the price of Jasmy Coin approach these levels, it could yield a near 100% profit. However, it must be noted that the cryptocurrency market, including Jasmy Coin, is highly correlated with Bitcoin’s price. A downturn in Bitcoin could hinder Jasmy Coin’s upward momentum.

jasmy-coin-double-top.JPG

Source: TradingView

Current market dynamics and technical indicators suggest cautious optimism for Jasmy Coin’s price trajectory in the coming months. The recent break above the downside trending line and the potential to tackle the 99-day Moving Average resistance may pave the way for further gains.

Open Interest in Binance Futures

Open Interest in Jasmy Coin on Binance Futures stands at approximately $10.35M, a +7.57% increase over the last 24 hours, as of the latest data. This figure has been on a steady incline since August 8, 2023. The long/short ratio of 2.33 indicates a predominance of long traders, a situation that may trigger a temporary pullback to liquidate overextended positions.

About Jasmy Coin

Jasmy Coin focuses on facilitating data exchange between service providers and users by integrating IoT with blockchain technology. Utilizing edge computing and IPFS for data storage, Jasmy emphasizes the democratization of data, ensuring secure protection, ownership, and enabling service providers to leverage user-owned data.

Conclusion

Jasmy Coin’s recent price movements and underlying market dynamics present a nuanced picture. While there are promising signs of growth, several obstacles must be navigated for a sustained bull run. Investors and traders should closely monitor Bitcoin’s price and other market indicators to understand Jasmy Coin’s future direction. The current landscape suggests a measured approach, with the potential for substantial gains if key resistance levels are breached and broader market conditions remain favorable.

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