Is JasmyCoin (JASMY) ready for an explosive surge soon ?
JasmyCoin (JASMY) has been on fire lately, showing a 4% surge despite concerns of a mere temporary rebound. Let's delve into the technical indicators and on-chain analysis.
A Strong Surge in JASMY Token Demand
After a sharp drop earlier this week, hitting an annual low of $0.0082, JasmyCoin has bounced back remarkably, recording a 4% increase in the last 24 hours. This sudden recovery has naturally raised questions about the sustainability of this upswing, with concerns about a mere “dead cat bounce.”
However, both technical indicators and on-chain data suggest that this increase is driven by a genuine resurgence in demand for the JASMY token. For instance, its On-Balance Volume (OBV) indicator shows an upward trend, rising from $177.36 billion. Since JASMY hit its yearly low on Monday, its OBV has risen by 2%, indicating a renewed investor interest.
Furthermore, JASMY is now trading above the levels of its Parabolic Stop and Reverse (SAR) indicator, confirming this favorable trend reversal. This tool helps identify market trend changes, and its upward cross indicates a bullish phase for JASMY.
Breaking Through the $0.012 Resistance for Higher Targets
Currently, JASMY is trading at $0.010, remaining below the major resistance of $0.012. If buying pressure strengthens, the token could turn this area into strong support, paving the way for a move up to $0.017.
However, a resurgence in profit-taking could jeopardize this positive momentum. In this scenario, JASMY’s price could potentially retest its yearly low of $0.0082.
As investors monitor these developments, technical indicators and on-chain analysis indicate that the current revival of JASMY seems firmly rooted in renewed demand. If this trend continues, the token could well continue its bullish run in the coming weeks.
Gaston Cuny
Gaston has been a writer for over 7 years and a passionate cryptocurrency enthusiast since 2020. He loves exploring the crypto ecosystem and is now dedicated to sharing his insights and discoveries through InvestX.
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This article is for informational purposes only and should not be considered as investment advice. Some of the partners featured on this site may not be regulated in your country. It is your responsibility to verify the compliance of these services with local regulations before using them.
DISCLAIMER
This article is for informational purposes only and should not be considered as investment advice. Trading cryptocurrencies involves risks, and it is important not to invest more than you can afford to lose.
InvestX is not responsible for the quality of the products or services presented on this page and cannot be held liable, directly or indirectly, for any damage or loss caused by the use of any product or service featured in this article. Investments in crypto assets are inherently risky; readers should conduct their own research before taking any action and invest only within their financial means. This article does not constitute investment advice.
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