JasmyCoin (JASMY) to Resume Rally as Price Nears Support and Holders Change Strategies

Current market movements suggest JasmyCoin (JASMY) might be preparing for an upward trend, with both technical analysis and on-chain data pointing to positive developments.

JasmyCoin (JASMY) has been in a downtrend since April 2022, following a strong rally that saw the token reach highs of $0.04. However, the downtrend appears to be coming to an end, with both technical analysis and on-chain data suggesting that JASMY is preparing for an upward move.

Financial trader Matthew Dixon has shared his optimistic outlook on JASMY, highlighting a crucial support level that could lead to a price increase. In a recent tweet, Dixon posted a JASMY chart showing the price reaching support at around $0.021. This level has been holding as support for a long time now. If this pattern continues, we could see the price start to rise to new levels. The analyst marks an area around $0.028 as the next resistance zone for JASMY.

After hitting lows of $0.018 during the recent market sell-off, JASMY has recovered slightly and is now trading around $0.022. The token ranks 113th by market capitalization, with a total circulating supply of 49.44 billion JASMY tokens. The maximum supply of JASMY is capped at 50 billion tokens.

Now, let’s take a look at what crypto analyst Saiyan1K has to say about JASMY. The analyst has been closely following the token’s exchange supply, which has dropped to its lowest level in over a year. According to Saiyan1K, more than 500 million JASMY tokens have been withdrawn from exchanges in the past week alone.

At the time of writing, the total exchange balance of JASMY stands at around 9.11 billion tokens. This marks a significant decrease from previous levels, with the current circulating supply approaching the maximum cap of 50 billion tokens.

As noted by Blake_Berryhill, several chart patterns, including a potential cup and handle or falling wedge formation, suggest the possibility of price appreciation. If the current support level holds, traders might target resistance zones between $0.026 and $0.028. However, as with any cryptocurrency investment, proper risk management remains crucial, and traders should consider setting appropriate stop-losses below key support levels.

Follow us on X (Twitter), CoinMarketCap and Binance Square for more daily crypto updates.Get all our future calls by joining our FREE Telegram group.

We recommend eToro