JasmyCoin Skyrockets 350% Amidst Bullish Momentum

Over the past two months, JasmyCoin has witnessed a remarkable surge of 350%, surpassing the 20-day EMA and indicating positive momentum. Despite encountering resistance at $0.0250, the price has shown resilience and maintained above the 20-day EMA. Technical analysis suggests that a bullish crossover between the RSI and RSI-based moving averages supports the positive price forecast.

JasmyCoin Surges 350% Amidst Bullish Momentum

Tokyo, Japan - The JasmyCoin (JASMY) has witnessed a remarkable surge of 350% in the past two months, showcasing an impressive bullish momentum.

Price Action Analysis

The JASMY price chart indicates significant buying pressure, with the asset breaking above its 20-day Exponential Moving Average (EMA). However, its upward trajectory was temporarily halted by the resistance level at $0.0250. Despite two attempts to breach this level, the price was unable to sustain above it.

JASMY recorded a 52-week high of $0.0274 on March 4, 2024, but corrected by 45% in the subsequent two days. The asset then initiated a breakout in mid-February, leading to its current positive performance.

Current Market Position

At the time of writing, JASMY is trading at $0.0221, having dropped by 1.20% in the last 24 hours. Its market capitalization stands at $1.09 billion, while its fully diluted market cap is $1.11 billion. The 24-hour trading volume has decreased by 20%, amounting to $171.81 million.

The circulating supply of JASMY is 49.30 billion, with a total supply of 50 billion.

Whale Accumulation

Whale holdings of JASMYCoin have played a crucial role in its price surge. Whales currently hold $26.39 billion worth of the asset, while investors and retailers hold $12.93 billion and $10.62 billion, respectively. Since July 2022, whale holdings have grown by over 25%, contributing to the positive price action.

Price vs. Volume Analysis

The price vs. volume analysis reveals that trading volume has declined from $1.60 billion to $171.44 million. However, the JASMYCoin price has not experienced a significant decline. In the short term, trading volume has decreased from $550 million to $171.44 million within a week, while the price has remained relatively stable. This suggests that JASMY's price may experience a further correction.

Social Media Engagement Analysis

JASMY's social dominance and social volume have declined significantly over the past few weeks, despite the price remaining stable. A resurgence in social media engagement on platforms like Twitter, Instagram, and Telegram could indicate a positive shift in sentiment.

Technical Analysis (Daily Timeframe)

On a daily timeframe, JASMY has maintained a bullish trajectory, finding support at $0.0170 and initiating a pullback. The price has surpassed the 20-day EMA and is approaching its 52-week high.

Should JASMY reach its 52-week high, it may face resistance, leading to profit-taking. Conversely, if the price falls below $0.0250, sellers may take control, potentially reversing the bullish trend.

Technical indicators such as the Relative Strength Index (RSI) and RSI-based moving averages suggest continued buying momentum. A bullish crossover has emerged, further reinforcing the positive forecast.

Technical Analysis (4-Hour Timeframe)

On a 4-hour timeframe, JASMY has been supported by a trendline. A break below the trendline could signal increased selling pressure in the short term. However, if JASMY holds above the 20-day EMA, buyers may regain control and sustain the uptrend.

Conclusion

JASMY has experienced a bullish surge, reaching a 52-week high. The asset is currently facing resistance at $0.0250 but remains above the 20-day EMA. Technical indicators favor continued buying momentum. However, caution is advised due to the decline in social media engagement and potential profit-taking at resistance levels.