Jasmy Price Falls As Whales Sell: Can It Soar 95% in 2024?

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As a seasoned researcher with over two decades of experience in the financial markets, I have witnessed countless bearish trends turn into bullish rallies. With that said, while the recent sell-off by whales has undeniably put pressure on Jasmy price, I remain optimistic about its long-term potential.

The price of Jasmy has dipped into a downward trend, as the cryptocurrency market-wide sell-off persists. Given that large investors (whales) are offloading their JasmyCoins, one might wonder if it could potentially recover by almost 95% and reach $0.044 again, a level it reached in 2024—its highest point at that time.

Analysts Still Bullish on Jasmy Price As Whales Sell

The cost of Jasmy decreased recently due to signs that large investors (whales) were offloading their holdings, as suggested by on-chain data. According to Etherscan’s records, one significant investor transferred 57.2 million tokens to Coinbase, a move often indicative of preparing to sell the coin.

24.64 million JASMY coins, equivalent to approximately $582,940, were transferred from one trader to Binance by another, while a different individual sold coins valued at around $664,000. Furthermore, significant whales moved coins worth about $1.6 million and $1.8 million to Gate.io. Typically, large-scale transactions like these are considered bearish indicators due to the impact that whales can have on market trends.

crypto experts remain optimistic that the price of JasmyCoin will rebound once the current adjustment phase concludes. In a recent analysis, Team Lambo, a well-followed analyst with approximately 31,000 followers, forecasts that the coin could reach $0.05 this month, then climb to $0.20 in March, and potentially trade between $0.5 and $1 by June of next year. If his prognosis materializes, he expects JasmyCoin to experience a 4,900% price increase within the subsequent seven months.

An expert observed that Jasmy seemed to be shaping a ‘cup and handle’ pattern on its daily graph, suggesting it might reach “Valhalla” imminently. A ‘cup and handle’ formation occurs when an asset first develops a rounded base (the cup) followed by a period of consolidation or pullback at the top (the handle). This pattern is commonly recognized as a strong indication of continuation in the market.

JasmyCoin Price Analysis: Is A Rebound Possible?

Based on current market trends, there’s a strong possibility that the price of Jasmy could rise substantially within the coming weeks. This optimistic outlook is supported by an inverted head and shoulder pattern, a commonly recognized bullish sign. Here, the ‘head’ occurs at $0.016, its lowest point this month, while the ‘shoulders’ hover around $0.020.

The price of JasmyCoin could soon show a golden cross formation, as its 200-day moving average and 50-day moving average are approaching a point where they intersect. This pattern is often seen as a positive sign in technical analysis, as it has historically preceded price increases. For instance, the last time JasmyCoin displayed this pattern was back in November, and its value surged by an impressive 830% to reach its highest point for the year.

If Jasmy’s price surpasses its previous weekly high of $0.02964, it will likely become more understandable why it reached $0.044. This potential increase could potentially boost the coin by approximately 90% to its year-to-date peak of $0.0447.

As a researcher studying Jasmy’s price movements, I have identified a significant level at $0.020 in my analysis. This level corresponds to the shoulders of an Inverse Head and Shoulders (H&S) pattern. If the price drops below this point, it may trigger a potential drop towards the head of the pattern at approximately $0.01611. Subsequently, a psychological resistance level might be encountered around $0.10.

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2024-11-26 14:16