JasmyCoin (JASMY) Price Enters Bear Market, Drops Over 53% From December 2024 Highs

JasmyCoin (JASMY), often referred to as Japan's Bitcoin (BTC), has dropped to its lowest level since November 2024.

JasmyCoin (JASMY) has seen a significant drop in price, reaching its lowest level since November 2024. The coin is now down over 53% from its December 2024 highs.

The ongoing sell-off in the cryptocurrency market has impacted JasmyCoin, with most altcoins experiencing similar pullbacks. However, one potential catalyst for JasmyCoin's price recovery could be its focus on becoming a prominent player in the artificial intelligence (AI) sector.

In a recent statement, Hara, Jasmy’s founder, highlighted the network's use of decentralized graphics processing units (GPUs) to deploy next-generation AI agents.

“We will leverage #GPUs to deploy a platform to enhance the next generation of #AI agents.”

Hara's comments came in response to an X thread by Janction, a Decentralized Public Infrastructure (DePIN) platform incubated within the Jasmy community. Notably, Janction has integrated GPUs into its DePIN framework, enabling AI agents with transparent processing and secure data sharing.

As AI agents gain popularity in the crypto space, some interesting examples can be found on the Virtuals Protocol (VIRTUAL) chain, which hosts hundreds of AI agents and boasts a market cap of over $2 billion.

Within the Virtuals ecosystem, individual AI agents like Game and aixbt have a combined market cap of over $400 million. These agents are capable of performing various functions, such as generating synthetic assets (Game) and providing decentralized VPN services (aixbt).

Another positive indicator for JasmyCoin is the continued decline in exchange balances. According to data from CoinGlass, there are currently 9.11 billion JASMY tokens on exchanges. This marks the lowest level in over a year and is significantly lower than the 2024 peak of 10.92 billion JASMY.

Declining exchange balances are often seen as a bullish signal, as they suggest that investors are moving their coins to self-custody wallets, which could reduce potential sell pressure.

Jasmy price technical analysis: forming a bullish pattern

On the daily chart, JasmyCoin has settled around its 200-day Exponential Moving Average. It has also formed a cup-and-handle pattern, with the upper resistance line at $0.0445.

Furthermore, the coin is trading within a falling wedge pattern, with the two trendlines nearing their convergence point.

The combination of the wedge, cup, and handle patterns suggests the possibility of a bullish breakout from the current consolidation range.

If such a breakout occurs, the first target for JasmyCoin would be $0.0445 — a 62% increase from the current level. A move above this level could signal further gains toward $0.060, its highest swing price in 2024, representing a 115% increase from current levels.