- $JASMY soars 225% after breaking key resistance, signaling a significant win for early investors.
- Regulatory shifts in Japan boost $JASMY, with venture capital fueling the nation’s crypto innovation, growth.
- Technical indicators suggest caution with $JASMY’s RSI at 71.14, hinting at potential short-term pullback risks.
JasmyCoin ($JASMY) exceeded market expectations with a 225% increase following a pivotal break in its resistance level, as highlighted by CryptoBusy, an analytic platform on X. This development comes on the heels of a forecast made on December 13, which accurately predicted the coin’s trajectory beyond a critical resistance point, signaling a lucrative opportunity for investors within the accumulation zone.
At press time, JASMY was trading at $0.018544, with its trading volume reaching $1.6 billion over the past 24 hours, per CoinMarketCap. The market has witnessed a 59.58% uptick in value, underscoring a robust bullish momentum.
Moreover, the technical indicators vividly show the current market dynamics. The 1-Day Relative Strength Index (RSI) 71.14 hints at a potentially overbought condition, suggesting investors tread cautiously for possible short-term pullbacks.
Meanwhile, the Moving Average Convergence Divergence (MACD) echoes the strength of recent price gains, albeit with a cautious note on sustainability. However, the 1-Day Know Sure Thing (KST) reaffirms the strong short-term momentum, likely propelling the coin’s upward trajectory.
JASMY/USD 1-Day price chart (Source: Trading view)
As reported by CoinEdition, the withdrawal of 665.6 million JASMY tokens, valued at nearly $5.36 million, by key stakeholders from the Coinbase exchange has injected additional buying pressure into the market. These “whales” have been accumulating JASMY since October 2021, amassing over 1.223 billion tokens, indicating sustained interest in the asset despite previous downturns.
Additionally, the evolving regulatory landscape in Japan has further buoyed investor confidence in JasmyCoin. The Japanese authorities’ recent endorsement of venture capital investments in crypto projects marks a pivotal shift, particularly benefiting JasmyCoin, Japan’s flagship crypto project. This regulatory relaxation is poised to unleash a wave of domestic funding toward web3 companies, reducing their dependency on international capital and fostering innovation within Japan’s burgeoning cryptocurrency ecosystem.
Furthermore, the connection between JasmyCoin and DWF Labs, known for its influence on cryptocurrency valuations, has only amplified the positive market sentiment. The bullish outlook is further bolstered by predictions from influential analysts, like “The Wolf of Memes Street,” projecting a target price of $0.30 for JASMY, driven by heightened demand from Japanese venture capitalists and the broader crypto community’s enthusiasm.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
