Jasmy Coin (JASMY) has emerged as one of the top gainers in the cryptocurrency market, bolstered by favorable news and promising technical signals. The digital asset saw a notable 10% increase in its price, trading around $0.267 during European trading hours on Monday. This surge comes on the heels of an exciting announcement: Jasmy’s partnership with Now Payments, which enables businesses in Japan to accept payments using Jasmy Coin.
The cryptocurrency market, which has been closely tied to Bitcoin’s movements, also saw a boost from Bitcoin’s recent recovery. Whales’ renewed interest in accumulating Bitcoin has sparked optimism, potentially signaling the end of a corrective phase for the leading cryptocurrency. This positive sentiment has spilled over into altcoins like Jasmy Coin, driving its recent price uptick.
Jasmy Coin, known for its reactive nature to broader market trends, has shown resilience despite recent market volatility. According to Coin Gecko data, Jasmy Coin surged by 10%, highlighting its responsiveness to positive market catalysts such as Bitcoin’s rebound and strategic partnerships like the one with Now Payments.
Technical indicators for Jasmy Coin paint an optimistic picture for potential investors. Currently trading below the 200-day Simple Moving Average (SMA), Jasmy Coin’s recent price action has re-entered a ranging zone after reaching a new yearly high earlier this year. This movement is significant as it signals a bullish outlook for the asset, particularly since its last dip below the 200-day SMA occurred in January.
The Relative Strength Index (RSI), a key momentum indicator, has also turned bullish. As of the latest data, the RSI stands at 50.87, having recently crossed above the midpoint. This upward movement indicates increasing buy momentum, particularly noteworthy since it coincided with the recovery phase following Bitcoin’s recent crash. Historical data shows that whenever the RSI crosses above its moving average, as it did on July 9, Jasmy Coin has historically rallied significantly, showcasing gains of up to 148% in previous bullish cycles.
Moreover, the Moving Average Convergence Divergence (MACD) indicator has confirmed a bullish crossover on the daily timeframe. This technical signal reinforces the notion that Jasmy Coin’s price trend has shifted from bearish to bullish, further supporting the potential for upward movement in the near term.
Looking ahead, analysts and traders are eyeing the possibility of Jasmy Coin extending its gains. If the current bullish momentum persists, analysts project that Jasmy Coin could potentially rise by as much as 97% from its current trading levels. This would surpass its previous high set earlier this year, marking a significant milestone for the cryptocurrency.
Key resistance levels to watch on the upward trajectory include $0.04 and $0.051. Breaking through these levels would likely pave the way for further upside, potentially reaching the $0.055 mark.
In conclusion, Jasmy Coin appears to be at a pivotal juncture in its price trajectory. Fueled by positive market dynamics, including Bitcoin’s recovery and a strategic partnership with Now Payments, Jasmy Coin has demonstrated strong resilience and potential for substantial gains. With technical indicators such as the RSI and MACD signaling bullish trends, investors and traders alike are keeping a close watch on Jasmy Coin as it navigates through potentially lucrative opportunities in the crypto currency market.
A finance graduate, Maheen Hernandez has been drawn to cryptocurrencies ever since Bitcoin first emerged in 2009. Nearly a decade later, Maheen is actively working to spread awareness about cryptocurrencies as well as their impact on the traditional currencies. Appreciate the work? Send a tip to: 0x75395Ea9a42d2742E8d0C798068DeF3590C5Faa5
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