As a seasoned crypto investor with a keen eye for emerging technologies, I’ve been closely monitoring the developments surrounding JasmyCoin (JASMY). The project’s unique value proposition of empowering users with data control through IoT and blockchain technology has piqued my interest.
JASMY is the powerhouse behind a cryptographic network dedicated to putting data control back in users’ hands through the application of blockchain technology within the Internet of Things (IoT). This integration with IoT has significantly increased JASMY’s presence, landing it the #61 spot in the market with a value exceeding $1.22 billion. According to JasmyCoin Price Prediction analyses, the coin has recently hit rock bottom and is primed for an imminent bullish surge.
JasmyCoin, like numerous other cryptocurrencies, experienced a price decrease over the past few weeks due to mounting concerns about the German government potentially offloading Bitcoin onto exchanges. The selling pressure worsened when Mt. Gox, an inactive exchange, began distributing payments to its creditors, which could last for up to 90 days and possibly prolong market instability into the second half of the year.
JasmyCoin Price Prediction: Levels To Watch Out As JASMY Rebounds
Although other cryptocurrencies are showing a slow rebound, JasmyCoin has gained nearly 5% in value today and is generating noteworthy indicators for potential buyers.
The daily chart points to a potential large-scale price breakout, signaled by the Moving Average Convergence Divergence (MACD) indicator’s buy signal. Keep an eye on the MACD lines – the blue one needs to cross above the red line and reach zero before traders consider entering long positions in JASMY, ideally before the weekend.
As the market sentiment becomes more optimistic, JasmyCoin appears ready to surmount the persistent resistance at $0.025. This level also corresponds to the 23.6% Fibonacci retracement and is followed closely by two significant Exponential Moving Averages (EMAs). The 20-day EMA can be identified by the blue line, while the 50-day EMA is represented by the red line.
As a crypto investor in JASMY, I believe we need to break through the resistance levels and establish a sustainable uptrend. To accomplish this, JASMY should find support from the descending channel that orchestrated the significant correction following the peak of $0.045 in June. By doing so, it will create a stronger foundation for potential price growth.
As a researcher analyzing the chart of this asset, I can share that a breakout above the current downward trendline (channel) would significantly enhance the bullish perspective for the upcoming period. The previous peak at $0.045 is now within our sights if this price action continues.
JasmyCoin Rebounds After Bottoming
Based on current market beliefs, JasmyCoin may have reached its lowest point following two tests of resistance at $0.02. This price level holds significant importance as it was previously reached in May, establishing it as a crucial support area.
In simple terms, the graph indicates that JASMY’s price remains above both its 20-day and 50-day moving averages. Bulls have managed to surpass the resistance line of the channel, aiming for the 200-day moving average at $0.0277. Notable resistance levels are located at $0.03 and $0.038. If these levels are breached, fear of missing out (FOMO) could intensify, potentially pushing JASMY above $0.045.
Following its dip to $0.02 in June, JasmyCoin has bounced back, indicating a strong recovery trajectory towards $0.045 or even surpassing it in the month of July.
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2024-07-11 17:08