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Highlights
- JASMY backs the trend reversal with a buy signal from the MACD.
- The RSI at 60 reinforces a solid bullish grip in the coming days.
- A break above the descending channel would call on traders willing to bet on the reversal for short-term gains.
JASMY powers a crypto network that aims to empower users with control over their data by leveraging blockchain technology within the Internet of Things. Its integration with artificial intelligence (IoT) boosted the coin’s presence in the space such that it ranks #61 with a market of over $1.22 billion. Based on JasmyCoin Price Prediction, the coin has recently bottomed and is ready for a major bullish breakout.
Like many cryptocurrencies, JasmyCoin declined in value in the last few weeks amid fears of the German government dumping Bitcoin on exchanges. The selling pressure intensified as defunct exchange Mt. Gox started to distribute payments to creditors. This process could take up to 90 days, insinuating extended volatility into the second half of the year.
Based on CoinGecko data, JasmyCoin price declined 16% in a fortnight on top of a 30% drop in the last 30 days to hover at $0.0247 on Thursday. There are vivid signs of a 50% breakout ensuing later this week.
JasmyCoin Price Prediction: Levels To Watch Out As JASMY Rebounds
Despite the sluggish recovery portrayed by other cryptocurrencies, JasmyCoin is up almost 5% on the day and nurturing key buy signals.
The daily chart shines the path to a larger breakout backed by a buy signal from the Moving Average Convergence Divergence (MACD) indicator. Traders would be looking out for the blue MACD line to flip above the red signal line to zero in on JASMY longs ahead of the weekend.
With the general outlook of the market gradually turning bullish, JasmyCoin seems poised to breach the stubborn resistance highlighted in the red band at $0.025. This same area hosts the 23.6% Fibo level and above it are two key Exponential Moving Averages (EMAs) including the 20-day in blue and the 50-day in red.
To annihilate the resistance and nurture a steady trend reversal, JASMY must breathe from the descending channel which guided the massive correction from June’s peak of $0.045.
Such a breakout above the falling channel would further boost the technical outlook of the asset in the coming days with the previous peak of $0.045 well within reach.
JasmyCoin Rebounds After Bottoming
JasmyCoin is believed to have bottomed after testing support at $0.02 for the second time. May was the last time the token traded at this price level marking the areas as a critical support level.
The same chart shows JASMY holding above the 20-day and the 50-day EMAs. Bulls have breached the channel’s resistance and now target the 200-day EMA in purple at $0.0277. Other key levels include the seller congestion at $0.03 and $0.038. If broken, FOMO could soar propelling JASMY further above $0.045.
Frequently Asked Questions (FAQs)
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2. Is JasmyCoin a top 50 crypto?
3. Has JasmyCoin bottomed?
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