JasmyCoin (JASMY) Jumps 20%: Can This Bullish Wave Hold, or Will Profit-Taking Strike?
- JasmyCoin jumped over 29%, with the price at $0.0091.
- JASMY’s trading volume has exploded by more than 557%.
With a brief loss in the crypto market, mixed sentiment is spreading across the digital assets. All major tokens are charted in red, losing momentum, and a few remain in the green zone. Among the altcoins, JasmyCoin (JASMY) has grabbed a spot among the trending coins, with a 20.7% price jump in the last 24 hours.
The asset opened the day trading at a low level of $0.007563, and with the potential bullish encounter, JASMY has broken multiple crucial resistances between $0.0076 and $0.0099 zones. Eventually, the price has mounted toward a high range of $0.01006.If the upside pressure lasts, it will rise to new targets.
The CoinMarketCap data exhibits that the JasmyCoin price traded within the $0.009142 zone at the time of writing. The asset’s market cap is staying at around $445.84 million. Meanwhile, the daily trading volume of JASMY has skyrocketed by over 557.90%, reaching the $234.61 million mark.
Can JasmyCoin Build on Current Strength?
The recent trading session of the JasmyCoin reflects the ongoing bullish shift, with the price climbing and finding its key resistance range at around $0.009547. If the upside pressure gains more traction, the golden cross could take place and send the price toward $0.009987 or even higher.
Conversely, assuming a bearish reversal in the asset’s momentum, there is a pullback risk, and the JasmyCoin price might slip to a support of $0.008739. Upon a sustained downside correction, it triggers the death cross to unfold and gradually drives the price to the $0.008311 level.
JASMY chart (Source: TradingView)
Besides, the technical analysis of JASMY displays that the Moving Average Convergence Divergence (MACD) line has moved above the signal line, indicating a positive shift. Also, the price may strengthen and continue to go up in the short term. The Chaikin Money Flow (CMF) indicator settled at 0.13, suggesting moderate buying pressure in the JasmyCoin market. Notably, the money is flowing into the asset more than out, which hints at healthy accumulation, supporting the bullish bias.
JASMY’s daily Relative Strength Index (RSI) value found at 70.27 signals it is in the overbought territory. Significantly, a strong bullish momentum is in play, as the buyers are clearly in control. A short-term pullback is possible if it stays above 70. Moreover, the Bull Bear Power (BBP) reading of JasmyCoin at 0.00160 implies a slight bullish edge and a marginal control over price movement. The current momentum is positive yet cautious, pointing to an early bullish phase.
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