- JasmyCoin surged 12% as its price defied the broader cryptocurrency market.
- If the bulls hold above the key support level, JASMY could move towards $0.04.
JasmyCoin (JASMY), the native token of the Japan-based cryptocurrency project for decentralized data, has witnessed significant price gains over the past month as most top altcoins have mirrored Bitcoin’s consolidation.
On June 23, JASMY price rose 12%. This is higher than any other token in the top 100 by market capitalization.
With BTC and ETH hovering around the $64,000 and $3.5,000 price levels respectively, JasmyCoin has been trading above $0.033, experiencing a notable surge in daily trading volume and becoming one of the most popular cryptocurrency tokens on the market.
JASMY PRICE – WHAT HAPPENED?
JasmyCoin has been down nearly 7% over the past week, but gains over the past 24 hours have helped stem the recent rot that saw JASMY fall to around $0.027.
The decline accelerated as JASMY retreated from above $0.044 in early June, falling to $0.030 coinciding with Bitcoin’s sharp decline this month. As the cryptocurrency market struggled with selling pressure due to macroeconomic conditions and mining rig sales, JASMY broke through technical support territory on June 21, reaching a low of $0.027.
Today’s uptrend is a continuation of the bullish reversal over the past two days.
According to CoinGecko data, the cryptocurrency has recorded a significant 24% increase in 24-hour trading volume, which is now over $200 million. The previous day, the price had risen from $0.029 to $0.032, with trading volume reaching $176 million.
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JasmyCoin Chart
JasmyCoin’s technical situation suggests that the bulls have a slight advantage.
As you can see above, both Moving Average Convergence Divergence (MACD) and Relative Strength Index (RSI) on the 4-hour chart offer this benefit. The chart also shows that JASMY is in a good position despite retreating from the resistance line of the Bollinger Bands.
that much daily chart However, RSI and MACD appear to be slightly in favor of the bears.
In this case, buyers would need to keep the price above the psychologically important $0.030 level to prevent a downward reversal. On the positive side, the major hurdle for JASMY Coin could be around $0.38-$0.040.