JasmyCoin (JASMY) price went parabolic on Sunday, reaching its highest level since March 6 as the falling wedge worked out

JASMY), popularly known as Japan’s Bitcoin, has rebounded after bottoming at $0.082 earlier this month. It rose to a high of $0.017, up by 103% from its lowest level this month.

JasmyCoin (JASMY) price surged to its highest level since March 6 on Sunday as the falling wedge pattern played out and the number of active addresses rose.

The cryptocurrency, popularly known as Japan’s Bitcoin, rebounded after hitting lows of $0.0082 earlier this month. It rose to a high of $0.17, increasing by over 103% from the lows hit this month.

On-chain data shows that the number of JASMY active addresses has soared in the past few days. According to data from Santiment, these active addresses rose to 1,307 on Sunday, the highest level since Feb. 1.

These addresses hit a low of 382 earlier this month as the price of the token also bottomed.

The data further shows that the Mean Dollar Invested Age (MDIA) figure has been in a strong uptrend over the past few months. The two-year MDIA figure rose to 241, compared to 180 hit on Jan. 1, a sign that long-term investors are still not selling their tokens.

The JASMY price surge comes after the coin’s futures open interest crashed to just $18 million earlier this month, its lowest level since 2022.

This figure has now rebounded and moved to $53 million, its highest point since Feb. 1. That is a sign that activity in the futures market is increasing.

Jasmy price technical analysis

The ongoing surge in the price of JASMY happened after the coin formed a falling wedge pattern on the daily chart. This pattern is made up of two descending and converging trendlines. A bullish breakout occurs when the two trendlines come close to each other at their convergence point, which happened recently.

The coin has moved above the 78.6% Fibonacci retracement level at $0.015. It has also jumped above the key resistance level at $0.016, the lowest swing on Nov. 3. The coin also rose above the 50-day moving average.

Therefore, the token is likely to continue rising as bulls target the 50% Fibonacci retracement level at $0.031, or a 90% gain from current levels. However, an overshot below the lower side of the wedge at $0.0082 will invalidate the bullish outlook.

JASMY is the native token of JasmyCoin, a Japan-based blockchain project focusing on data privacy and the Internet of Things.

The project was founded by former Sony executives and engineers. Due to its local backing and compliance with Japanese financial regulations, it’s often described as “Japan’s Bitcoin.”