As a seasoned crypto investor with over a decade of experience under my belt, I’ve seen my fair share of market swings and trends. The recent bullish comeback of JasmyCoin is particularly intriguing to me, especially considering its unique focus on democratizing data through IoT and blockchain.
On Monday and Tuesday, the price of JasmyCoin showed a positive surge, indicating a strong trend among alternative cryptocurrencies, despite the fact that major players like Bitcoin (BTC) and Ethereum (ETH) are facing challenges in breaching crucial resistance levels.
Japan-originated cryptocurrency, JasmyCoin, aspires to make data access more equitable through Internet of Things (IoT) and blockchain technology. Its goal is to empower users by granting them control over their personal data, enabling them to profit from the information they share. Adherence to Japanese regulatory standards gives JASMY a distinct advantage in the market.
JasmyCoin Price Market Movers: Dwindling Supply On Exchanges and Rising Supply Outside Of Exchanges
- JasmyCoin price hovered slightly above $0.20 during the American session on Tuesday. In addition to the bullish technical structure, on-chain insights from Santiment signaled stronger fundamentals. The chart indicates a notable decline in JasmyCoin supply held on exchanges from 12.1 billion tokens in February 2024 to only 10.42 billion. This suggests a tightening supply, potentially reducing downward pressure on JASMY price.
- On the other hand, Supply outside of exchanges is rising to 10.36 billion JASMY, affirming that investors have high hopes for the IoT token’s ability to recover and post commendable gains in weeks and months.
- In other news, all eyes are on the Federal Reserve ahead of the central bank’s Chair, Jerome Powell’s speech at the Jackson Hole Symposium in Wyoming. Experts do not expect Powell to deviate from his remarks after July’s FOMC meeting. However, he is likely to emphasize the decision by Fed officials to cut interest rates in September—a move that could significantly benefit risk assets like stocks and crypto.
JASMY Price Analysis: On The Cusp Of Breaking Out
If Powell’s speech manages to reassure skittish investors concerned about low liquidity in global markets, it could potentially boost the prices of JasmyCoin, other altcoins, and Bitcoin. A forthcoming bullish candle lasting four hours might propel JASMY over its trend line resistance, enhancing the likelihood that it will move towards $0.025 or even $0.03.
In simpler terms, when the Bollinger Bands become narrow in the short term, it suggests a forthcoming breakout. Narrowing Bollinger Bands often precede higher volatility and a possible price movement in either direction.
With Jasmy’s current price staying above both its 20-day and 50-day Exponential Moving Averages (EMAs), a positive development seems very likely. Following the initial breakout and retest of the trend line, there is expected to be an increase in buy orders. To minimize risk, these orders will typically have stop losses set just below the same level. As traders anticipate, potential price levels they might aim for include the 200-day EMA ($0.0235), $0.026, and $0.03.
Traders should be prepared for potential breakouts happening in either direction, indicated by the Bollinger Bands. Additionally, if a falling trendline holds within the same price range, it could lead to another drop towards the support levels of $0.015, following the $0.019 level.
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2024-08-20 23:09