Markets
JasmyCoin challenges broader crypto market as price rises 12%
- JasmyCoin Soars 12% as Price Challenges Broader Crypto Market
- JASMY could fall to $0.04 if bulls hold above key support level
JasmyCoin (JASMY)the native token of a Japan-based cryptocurrency project for decentralized data, has witnessed a significant price rise as most major altcoins mirror Bitcoin’s consolidation over the past month.
On June 23, the price of JASMY rose 12% – more than any other token in the top 100 by market cap.
While BTC and ETH hovered around the $64K and $3.5K price levels respectively, JasmyCoin was trading above $0.033, seeing a notable increase in daily volume and one of the crypto tokens most popular on the market.
JASMY Price – what happened?
While JasmyCoin remains down nearly 7% over the past week, the gains over the past 24 hours have helped stem the recent rot that has seen JASMY fall to around $0.027.
The declines accelerated when JASMY retreated above $0.044 in early June, with a break to $0.030 coinciding with Bitcoin’s sharp drop this month. As the crypto market struggled with selling pressure amid macroeconomic events and miner sales, JASMY broke below a technical support area to reach lows of $0.027 on June 21.
Today’s upside is a continuation of the bullish move of the last two days.
According to data from CoinGecko, this cryptocurrency has seen a decent 24% increase in 24-hour trading volume, currently at over $200 million. The previous day, volume reached $176 million, with the price moving from close to $0.029 to $0.032.
See more information: Jasmy reveals great partnership with Panasonic
JasmyCoin Chart
JasmyCoin’s technical picture suggests a slight edge for the bulls.
As shown above, the Moving Average Convergence Divergence (MACD) and Relative Strength Index (RSI) on the 4-hour chart provide this advantage. The chart also shows that JASMY is well positioned despite the retreat from the Bollinger Bands resistance line.
O daily chart however, it shows the RSI and MACD slightly favoring the bears.
In this case, buyers must keep the price above the psychologically important level of $0.030 to avoid a bearish turn. On the upside, JASMY coin’s biggest hurdle could be around $0.38 to $0.040.