JasmyCoin (JASMY) Price Surges 23%, Defying Broader Crypto Market Trend

The Tokyo-based cryptocurrency project JasmyCoin (JASMY) price surged by over 20% on Friday, gaining significant traction among crypto market

Tokyo-based cryptocurrency project JasmyCoin (JASMY) price surged by over 20% on Friday, gaining significant traction among crypto market participants.

The coin rallied intraday against the backdrop of strong technical indicators, defying the broader crypto market’s volatile trend as market participants anticipate whether the coin could sustain a price rally ahead, primarily in the wake of macroeconomic events impacting broader market sentiments.

Here’s Why JasmyCoin’s Price Is Pumping Today

JasmyCoin’s price appears to be pumping primarily due to strong market technicals, defying broader trends. According to market enthusiast Paul Webborn on X, the token further reflects a highly bullish outlook, with its current surge in line with the Elliott Wave theory.

For context, the Elliott Wave theory is a technical analysis that suggests prices move in repetitive patterns called waves. These waves are categorized as ‘primary, intermediate, and minor.’

The market enthusiast suggests that the token has completed primary waves 1 to 4, paving the way for gains as the final impulse wave (5) progresses. The next resistance level lies at $0.082, while $0.32 remains the final target, according to the market analyst. This bullish projection and market breakdown have signaled optimism surrounding JasmyCoin’s price action ahead.

Derivatives Market Signals Rising Market Interest

Derivatives data for the asset underscored heightened market interest in the asset as it showcases the potential for further gains. According to the latest Coinglass data, JASMY futures OI shot up by 44%, reaching $63.10 million today.

Moreover, the derivatives volume witnessed a staggering 648% increase to reach $562.54 million. In response, JasmyCoin’s price surged remarkably amid burgeoning market interest and further money inflow to its ecosystem.

Coin’s Price Shoots 23%

At press time, JASMY token’s price saw a 23% increase in value and currently trades at $0.03253. The coin's intraday bottom and peak stand at $0.0261 and $0.03392, respectively.

Additionally, intraday trading volume for the asset increased by 443% to reach $553.15 million, highlighting optimism among traders in light of the recent pump.

It is also noteworthy that the coin defies the current crypto market trend ahead of the U.S. PCE inflation data release. Bitcoin & altcoins prices witness a turbulent action after unchanged interest rates this FOMC as PCE data looms. Despite these macroeconomic events bringing investor uncertainty around risk assets, JASMY continues to pump.

Meanwhile, market analyst ‘CryptoELITES has further posted on X, presenting a bullish outlook for the coin. “Jasmy is heading to $0.31 very soon,” the analyst added, sparking optimism over the future price action for the token.