Jasmy Coin, the cryptocurrency tethered to Tokyo’s renowned IoT service provider, Jasmy Corporation, has captured the attention of technical analysts and market stakeholders. Its recent price actions have signaled potential opportunities and challenges ahead.
Our detailed analysis on August 13 revealed that Jasmy Coin successfully breached its descending trend line, a line that had been intact since May 5, 2023. This former resistance line has now transitioned into a potential support level. However, there are hurdles to overcome.
As we pointed out before, anticipating a potential bull run for the remainder of 2023, Jasmy Coin would suffer a correction to confirm the trend reversal. The wider cryptocurrency market felt the shockwaves of Bitcoin’s downturn on August 17. Consequently, Jasmy Coin’s valuation dipped below its June 20 price levels.
Nonetheless, the coin showcased resilience, rallying to challenge the aforementioned descending trend line for a fourth consecutive time. As of now, Jasmy Coin stands above the descending trend line and hovers near the 99-day MA, which sits around the $0.0039 mark. If Jasmy Coin manages to sustain above these technical levels, it could set the stage for a bullish trend, offering lucrative returns for traders and investors.
Source: Binance
Technical Barriers: Double Top and Long-term Indicators
As pointed out before, earlier in 2023, Jasmy Coin registered two prominent price peaks. The initial surge peaked at $0.008364 on February 8, and the subsequent one, a tad lower, at $0.007967 on May 5. These levels, forming a classic “double top” pattern, are crucial resistance zones. A rally that revisits these levels could potentially yield returns approaching 100%. However, traders must exercise caution. Cryptocurrencies, with their inherent volatility and pronounced correlation to Bitcoin’s price fluctuations, are unpredictable. A bearish trend in Bitcoin might temper Jasmy Coin’s bullish aspirations.
Another significant technical level to monitor is the 55-week Moving Average (MA), which marked the climax of Jasmy Coin’s previous bullish cycle. It is currently stationed around the $0.005 mark, representing a pivotal long-term bullish indicator.
About JasmyCoin
Jasmy Coin pioneers the integration of IoT and blockchain, aiming to optimize data interchange between service providers and end-users. With the power of edge computing and IPFS, Jasmy champions data democratization, fortifying data security, endorsing user data sovereignty, and enabling service providers to harness user-centric data.
Disclaimer & Copyright Notice: The content of this article is for informational purposes only and is not intended as financial advice. Always consult with a professional before making any financial decisions. This material is the exclusive property of Blockchain.News. Unauthorized use, duplication, or distribution without express permission is prohibited. Proper credit and direction to the original content are required for any permitted use.
Image source: Shutterstock