Crypto analyst Javon Marks suggests JasmyCoin (JASMY) may be severely undervalued, even after a massive 1,530% price surge. His analysis points to an unusually low Relative Strength Index (RSI) on the monthly chart, indicating potential for further upward movement.
Oversold Despite Massive Gains
Marks took to X to share his insights on JASMYâs current market position. He noted that despite the coinâs recent price explosion, its monthly RSI remains one of the lowest in the market. This unusual combination suggests JASMYâs ânatural valueâ could be much higher than its current trading price.
$JASMY's Monthly (1M) RSI, even after an over 1,530% increase in price, is one of the market's most oversold coins, meaning that the natural value of JasmyCoin can be so much higher than what it is right now.What does it mean if a coin, stock, or asset is oversold?"âŠPut⊠pic.twitter.com/dTyx6drJuK
â JAVON MARKS (@JavonTM1) August 29, 2024
â$JASMYâs Monthly (1M) RSI, even after an over 1,530% increase in price, is one of the marketâs most oversold coins,â Marks wrote. He added that this indicates âthe natural value of JasmyCoin can be so much higher than what it is right now.â
Understanding Oversold Conditions
An oversold asset typically trades below its intrinsic value. This often occurs when markets overreact to negative news or fail to recognize an assetâs potential. In JASMYâs case, the low RSI suggests the market may not yet fully appreciate its value proposition.
Marks explained the concept further: âPut simply, it trades at a price thatâs much lower than it should. This means that itâs worth much more than the price that itâs trading at in the market.â
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Implications for JASMYâs Future
The analystâs observations hint at key upside potential for JASMY. If the market begins to recognize the coinâs true value, as suggested by the RSI, further price appreciation could be on the horizon.
âIf after a more than 16.2X, Jasmy is still nowhere near its âtrue valueâ which RSI suggests to be higher, then it can be clear that we are at the beginning of something far bigger,â Marks concluded.
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