Jasmy Coin (JASMY) Crashes to Its Lowest Level Since February

The Jasmy price has moved into a bear market after crashing from last year's high of $0.0595 to $0.012

The price of Jasmy (JASMY) has moved into a bear market after crashing from last year’s high of $0.0595 to $0.012, its lowest level since February last year.

The token has crashed because of the cryptocurrency market’s performance in recent months. Bitcoin and most altcoins have also plunged in this period.

Still, the coin is likely to bounce back in the coming week. On-chain data shows that the number of active addresses has risen in the past few days. There were 897 active addresses on March 23, the highest level since March 10. An increase in active addresses is often seen as a positive catalyst for a coin.

The rising active addresses have coincided with the 365-day Mean Dollar Invested Age rally. The MDIA soared to 146 from this month’s low of 138. A rising MDIA indicator is often a bullish catalyst for a coin.

The other potential catalyst for Jasmy is that it has become a highly undervalued coin. One of the best ways to look at this is using the z score of market value to realized value, or MVRV indicator. This indicator compares a coin’s current market value to the total value of all coins in the network at the point they were last moved.

Jasmy’s MVRV-Z score has dropped to minus 1.8 from last year’s high of 5.2. It has moved to the lowest level since April last year, a sign that it has become highly undervalued.

Further, the total balances of JASMY on exchanges have continued falling this year. Data by CoinGlass below shows that these balances moved to 8.47 billion tokens from the November high of 10.4 billion.

On the daily chart, the price action is showing that Jasmy is in a bear market after crashing from last year’s high of $0.0595 to $0.012, its lowest level since February last year.

It has dropped from $0.059 in November to $0.01. Most recently, it crashed below the key support level at $0.0160, its lowest level in March, May, August, and November last year.

The coin has also remained below the 50-day and 100-day moving averages, a sign that bears have prevailed.

On the positive side, Jasmy price has formed a falling wedge pattern, pointing to a rebound. A wedge is made up of two falling and converging trendlines. In most cases, a rebound usually happens when the two trendlines near their confluence.

Therefore, the coin is likely to surge soon. If it rises above the key resistance at $0.016, more upside will be confirmed. Such a move will point to further gains, potentially to the key point at $0.025, the highest swing on Sep. 28 last year.

JasmyCoin, sometimes called "Japan's Bitcoin," was initially envisioned to empower individuals with control over their personal data.

Founded in 2016 by former Sony executives Kazumasa Sato and Kunitake Ando, Jasmy's goal was to enable users to manage and monetize their information securely, rather than granting corporations access to it for free.

JASMY, the project's native token, would facilitate data transactions, reward users for sharing information, and power payments within the ecosystem. With Japan's stringent data protection laws and growing interest in Web3, Jasmy aimed to become a leading force in democratizing data.

Recently, JasmyCoin shifted its focus to becoming a prominent player in the artificial intelligence sector. Jasmy CFO Hiroshi Harada highlighted the network's utilization of decentralized GPUs to deploy next-generation AI agents.

Janction, a Decentralized Public Infrastructure platform incubated within the Jasmy community, has integrated GPUs into its DePIN framework.