Jasmy Price On The Brink Of Rally? Key Indicators Point To 61.8% Trend Reversal

JASMY price increased 10% in the last 24 hours to trade around $0.267 during European business hours on Monday. This is because Jasmy and NOWPayments have confirmed a new partnership. Businesses in Japan will now be able to accept payments with JasmyCoin. Additionally, the increase may also be linked to the Bitcoin price revival instigated by whales accumulating on the potential end of the asset’s corrective phase.

This Breakout Hints at a 97% Gains for Jasmy Price

JasmyCoin is one of the most reactive crypto-assets in the space. On the hint of a Bitcoin recovery, the asset is already up 10% per CoinGecko. The JASMY price action trends at the 21-day and 50-day levels but below the 200-day simple moving averages (SMA). This shows a neutral stance for the asset, as the support and resistance levels are equal. 

The last time JASMY traded below the 200-day SMA was in January, suggesting the asset’s overall outlook is bullish. Recently, Jasmy’s price broke back into a ranging zone after establishing a new yearly high. As the markets were bleeding, the outlook for the asset was bearish. However, following the Bitcoin recovery and the partnership news, JASMY’s price has surged back and retested the upper boundary of the consolidation zone. This is a crucial point for the asset’s price outlook, as a rejection at this level could result in a downside movement to $0.016—well below the 200-day SMA support.

Nevertheless, Bitcoin price prediction hints at a continued uptrend, which means the price of Jasmy may also extend gains, break above the range once more and rally for $0.055, a 97% increase from the current price. Key resistance areas on the way up include $0.04 and $0.051.

Oscillators RSI and MACD Suggest Trend Reversal

The Jasmy relative strength index (RSI 14) is bullish. The indicator just crossed above the mid-point and is sitting at 50.87. This confirms the bullish trend that began on July 6, right after the Bitcoin crash. The indicator is also headed upwards, signaling that the Jasmy price buy momentum is increasing. 

Additionally, the RSI crossed back above its moving average (MA) on July 9, signaling the start of an uptrend. JASMY rallied for an entire month the last time this happened, gaining 148%.

Meanwhile, the moving average convergence divergence (MACD) indicator flashed a bullish crossover on the daily timeframe. This leading indicator suggests and confirms that Jasmy’s price has reversed its trend from bearish to bullish.

Bottom Line

A recent analysis of key Jasmy indicators points to a potential trend reversal for its price. This forecast suggests that the cryptocurrency may be at a turning point, with technical signals hinting at a possible change in its current price trajectory. Jasmy price may rise as high as 97% to break the previous high made in early June.

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