JasmyCoin defies broader crypto market as price surges 12%
JasmyCoin surges 12% as price defies broader crypto market
JASMY could flip to $0.04 if bulls hold above key support level
JasmyCoin (JASMY), the native token of a Japan-based cryptocurrency project for decentralized data, has witnessed a significant price increase as most top altcoins mirror Bitcoin’s consolidation in the past month.
On June 23, JASMY price was up 12% – more than any other token in the top 100 by market cap.
As BTC and ETH hovered around the $64k and $3.5k price levels respectively, JasmyCoin was trading above $0.033, seeing a notable surge in daily volume and one of the top trending crypto tokens in the market.
JASMY price – what happened?
While JasmyCoin remains nearly 7% down in the past week, the past 24-hour gains have helped stem recent rot that saw JASMY fall to around $0.027.
The declines had accelerated once JASMY retreated from above $0.044 in early June, with a breakdown to $0.030 coinciding with Bitcoin’s sharp descent this month. As the crypto market struggled with sell-off pressure amid macroeconomic events and miner selling, JASMY broke below a technical support area to reach lows of $0.027 on June 21.
Today’s upside is a continuation of the bullish flip over the past two days.
According to CoinGecko data, this cryptocurrency has recorded a decent 24% uptick in 24-hour trading volume, currently at over $200 million. On the previous day, volume reached $176 million as price moved from near $0.029 to $0.032.
Read more: Jasmy unveils major partnership with Panasonic
JasmyCoin chart
The technical picture for JasmyCoin suggests a slightly upper hand for bulls.
As shown above, the Moving Average Convergence Divergence (MACD) and Relative Strength Index (RSI) on the 4-hour chart both offer this advantage. The chart also shows JASMY is nicely poised despite the retreat from the resistance line of the Bollinger Bands.
The daily chart however shows RSI and MACD slightly favouring bears.
In this case, buyers must hold price above the psychologically important $0.030 level to prevent a bearish flip. On the upside, JASMY coin’s major hurdle could be around $0.38-$0.040.
