As a researcher with experience in the cryptocurrency market, I have closely observed the price action of JasmyCoin (JASMY) over the past week. The coin’s meteoric rise to $0.0425 last Thursday following the misconstrued Apple announcement was indeed impressive, but its current price trend is cause for concern.
As a researcher studying the cryptocurrency market, I discovered that JasmyCoin was one of the top-performing coins last week due to a misunderstood Apple announcement causing a buying frenzy. The price surge reached a peak at $0.040 for JASMY before experiencing a brief dip.
During European trading hours on Thursday, JASMY’s price hovered near $0.039, representing a 0.6% drop over the previous 24 hours but a substantial 57.6% gain over the last week.
JASMY Price Analysis: Is a 23% Retrace Forthcoming?
Over the past ten days, JASMY’s price has been hitting successively higher peaks and could be preparing for a pullback. Despite this potential reversal, the price remains above both its 50-day and 200-day simple moving averages. Furthermore, a significant support level is emerging around the $0.038 (or 0.5 Fibonacci retracement) mark. The price reached a new peak at $0.0425 before dipping by approximately 8%.
As a crypto investor, I’m closely monitoring the 30-minute chart for JASMY. Currently, the resistance level at $0.0372 is providing support for the price after a previous breakout. If the price drops below this mark, it could potentially reenter the range.
The 0.5 Fibonacci retracement level, which lies beneath the current price range, aligns with an unfilled fair value gap (FVG). This alignment strengthens the hypothesis that a potential 23% price correction could occur.
From a bullish perspective, I believe there’s a strong possibility for further price increases. My targets are set at $0.049, $0.059, and even $0.064. However, I should be prepared to face some resistance around the $0.042 level.
JASMY Price Future Outlook
As a crypto investor, I’ve noticed that JASMY’s price might bounce back after a potential correction. However, there are concerns within the community about a possible major pullback for this coin. The sudden surge in JasmyCoin was due to a misunderstanding among investors regarding Apple’s recent announcement. They believed that Apple would integrate Japan’s ‘My Number’ feature directly into their iPhones, leading to increased demand and hype for JASMY. In reality, the integration will be through Apple’s services, not the coin itself.
It was widely believed among investors that JasmyCoin played a significant role in the Decentralized Physical Infrastructure Network (DePIN), leading to a 57% price surge over the last week. However, recent clarification revealed that this assumption was incorrect.
Furthermore, there is apprehension regarding DWF Labs, as they recently transferred $1.57 million worth of JASMY tokens, amounting to 50 million units, into Binance. There’s a possibility that they could significantly decrease their existing holdings during this profitable period, given their current triple profit. Notably, the trading volume for Jasmy has seen a substantial drop of 57.20% within the past 24 hours, suggesting a downturn in market engagement.
Bottom Line
In the unpredictable world of cryptocurrencies, information carries significant weight and can have profound impacts. Misinterpreting data can be detrimental in this emerging digital financial sector. Yet, optimism among JASMY investors persists, despite the revelation that the reported Apple collaboration was a false alarm.
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2024-06-06 12:00