As a seasoned financial analyst with over a decade of experience in the cryptocurrency market, I have witnessed the rise and fall of numerous digital assets. The recent surge of JasmyCoin (JASMY) last week, which took the lead among Decentralized Internet of Things (DePIN) coins, has piqued my interest.
Last week, JasmyCoin experienced a notable gain of 30%, making it the top performer among Decentralized Internet of Things (IoT) tokens. In a broad market uptrend, JasmyCoin surpassed the likes of Filecoin (FIL), Render (RNDR), and Arweave (AR). The price prediction for JasmyCoin indicates a robust technical setup that is expected to facilitate its bounce back towards $0.046—its highest point attained in June.
Based on information from CoinMarketCap, JasmyCoin rose by 7%, reaching a price of $0.031 on Wednesday. This upward trend resulted in a 7% gain for the coin’s market capitalization, which now stands at $1.55 billion. However, it is worth noting that there was a 25% decrease in JasmyCoin’s trading volume within the past 24 hours. This reduction could potentially indicate decreasing enthusiasm among traders.
JasmyCoin Price Prediction: Bull Run Breakout Begins
After experiencing a decline from its June high, JasmyCoin found stability around the $0.02 mark. The 200-day Exponential Moving Average (EMA), represented by the purple line, underlined the area of strong buying interest.
In this sector, the supporting role acted as a powerful launchpad, enabling bulls to intensify their efforts dramatically and instigate a lasting trend reversal in the market.
Using a fresh surge of optimism, JasmyCoin’s price broke free from the downward trendline as shown on the graph.
To date, JASMY has surged by 67%, moving above the crucial support and currently perched above both its 20-day Exponential Moving Average (EMA) and 50-day EMA, marked in blue and red respectively. Furthermore, a potential safeguard against further correction lies in the proximity of the 38.2% Fibonacci retracement level at $0.029.
Traders might consider waiting for JASMY to surpass the $0.032 mark, which serves as a resistance level based on the 0.5 Fibonacci ratio, prior to placing fresh buy orders. This approach could help traders steer clear of potential deceptive price rallies, referred to as bull traps.
As a crypto investor, I can tell you that the Moving Average Convergence Divergence (MACD) indicator is confirming the bullish trend for JasmyCoin in my opinion. This means that I would be inclined to hold onto my current long positions, as I have received a buy signal based on this technical analysis tool.
If there is a new development with JasmyCoin causing it to rise above its current neutral level, supported by expanding green histograms on the chart, this could help JasmyCoin reach its previous high of $0.0446 once more.
If the 20-day Exponential Moving Average (EMA) crosses above the 50-day EMA, creating a “golden cross” pattern, it could indicate a stronger possibility for the price to increase, potentially surpassing $0.0446, before August.
How JasmyCoin is Transforming DePIN and Data Security
In the information era, where data security is increasingly crucial, the JasmyCoin ecosystem is leading the charge with significant advancements. The project’s creators are driven by a strong conviction that data security should be a fundamental right rather than a privilege that has long been out of reach for many.
To accomplish this significant task, JasmyCoin is collaborating closely with influential industry figures, most notably major tech firms such as Panasonic Advanced Technology Co., Ltd.
As a researcher exploring the intersection of Web 3.0 and the Internet of Things (IoT), I’ve discovered an exciting collaboration that has paved the way for creating a platform. This innovative platform effortlessly merges data generated by individuals with information produced by connected devices through IoT, all in the Web 3.0 ecosystem.
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2024-07-17 14:47