Jasmy coin was one of the top-performing coins last week as many investors rushed to buy it. However, it now seems to be preparing for a price drop from its current level.
JasmyCoin was one of the best-performing coins last week as investors rushed to buy it after a misunderstood Apple announcement. The price of JASMY surged to $0.040 before slowing down. On Thursday, during European business hours, JASMY traded around $0.039, which is a 0.6% drop in the last 24 hours but a 57.6% increase over the past week.
JASMY Price Analysis and Potential Movements
Current Price Trends and Support Levels: For the past 10 days, JASMY has been making higher highs, but it may be due for a retreat soon. Despite this, the price is still trending above the 50-day and 200-day simple moving averages (SMA), with strong support forming around the 0.5 Fibonacci retracement level. Recently, JASMY surged to a new high of $0.0425 before correcting back by 8%.
On the 30-minute chart, JASMY is currently supported by the top of a range at $0.0372, from which it previously broke out. If the price action breaks below this level, it may re-enter the range.
Potential Retracement and Support Factors: Additionally, below the range, the 0.5 Fibonacci retracement level coincides with a fair value gap (FVG) that is yet to be filled, indicating the possibility of a 23% retracement from the current price.
Bullish Potential and Resistance Levels: On the flip side, bulls may still compete to push the price higher, aiming for targets at $0.049, $0.059, and $0.064. They may encounter some weak resistance around the $0.042 area.
JASMY Price Volatility and Market Concerns
JASMY’s price could rebound following the impending retracement, but investors in the crypto community are apprehensive about a significant pullback for the coin. The surge in JasmyCoin followed a misunderstanding of Apple’s recent announcement about integrating Japan’s ‘My Number’ feature into their iPhones.
Investors presumed JasmyCoin, a key player in the decentralized Physical Infrastructure Network (DePIN) sector, was involved, thus driving its rally. It surged by 57% in the past week based on this news, which has now been clarified as a misinterpretation.
Additionally, concerns arise over DWF Labs, which recently deposited 50 million JASMY tokens valued at approximately $1.57 million into Binance. They might drastically reduce their current holdings at this profit-taking juncture, considering they already have a 3x profit.
Currently, Jasmy has witnessed a decline in trading volume of -57.20% in the last 24 hours, indicating a slowdown in market activity.
⚠️Disclaimer
This content aims to enrich readers with information. Always conduct independent research and use discretionary funds before investing. All buying, selling, and crypto asset investment activities are the responsibility of the reader.
