JasmyCoin Price Prediction as JASMY Hits Highest Level Since June: Will the Japan Bitcoin Soar to $0.07?

JasmyCoin price went parabolic and hit its highest level since June this year as the crypto bull run accelerated. JASMY, popularly known as Japan's Bitcoin

JasmyCoin (JASMY) price hit its highest level in months on Friday, continuing with its parabolic rally. The coin soared to a high of $0.043, which is the highest it has reached since June this year.

JASMY price technicals provide next target

A closer look at the Jasmy price technicals on the daily chart reveals that the coin has been on a strong bullish trend in the past few months, hitting our price targets along the way.

The chart shows that the coin formed a golden cross pattern on Friday, November 25 as the 200-day and 50-day moving averages crossed each other.

The last time that Jasmy formed that pattern was in November last year and it went on to hit a YTD high of $0.0447 a few months later.

The most important pattern that Jasmy has formed is the cup and handle, which is a bullish technical pattern that is made up of a rounded bottom, the depth of which is about 62%.

If we measure 62% from the upper side of the cup, it shows that the coin could soar to $0.071.

There are two potential risks to the JASMY price.

First, the coin is about to get to the upper side of the cup, meaning that it may consolidate or pull back to form the handle section.

Second, the MVRV indicator has moved to 3.2, meaning that the coin is trading at a higher level than the relative value.

Also, the Relative Strength Index (RSI) shows that it has become highly overbought.

The other risk is that Bitcoin is struggling to get to the key level at $100,000.

Analysts believe that coins like Jasmy will thrive when BTC jumps to the resistance at $100k.

The risk is that BTC could drop further in the near term before that jump finally happens.

Analysts and investors bullish on JasmyCoin

Ace, a popular crypto analyst hinted that the coin would have a “violent move” if it clears the resistance level between $0.04 and $0.05, adding that he expects the coin to have an 8% return if that happens.

$JASMY has been one of the strongest alts this cycle when it comes to price action.

One of the few alts that didn't completely retrace to its bear market lows and instead consolidated at ~60% pullback.

When we break through the orange zone of $0.04-$0.05, I expect a violent… pic.twitter.com/pHYcUzQGkh

Meanwhile crypto analysts and investors are optimistic that the Jasmy price will continue rising.

Data by Etherscan shows that one whale has been accumulating Jasmy in the past few days, with his latest trade being when he moved Jasmy coins worth over $700k from Coinbase to a wallet.

Another wallet moved Jasmy coins worth over $9.3 million from Binance to a self-custody wallet.

When tokens move to a wallet it is usually seen as a positive thing as the whale has no intention to sell.

This trend may continue as the number of addresses holding JASMY continues rising.