Aug 21, 2024

6thTrade

In a notable shift, JasmyCoin has seen a bullish resurgence at the start of the week, with Monday and Tuesday reflecting a positive momentum that stands in stark contrast to the struggles of major cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH). While the larger players in the crypto market continue to wrestle with resistance levels, JasmyCoin, an emerging digital asset from Japan, is making strides, fueled by both technical and fundamental factors.

JasmyCoin: Democratizing Data Through Blockchain and IoT

JasmyCoin is not just another cryptocurrency; it represents a mission to revolutionize data ownership and privacy. Originating from Japan, the project is designed to empower users by giving them control over their personal data, enabling them to monetize it securely through the integration of Internet of Things (IoT) technology with blockchain. In a world where data privacy is becoming increasingly paramount, JasmyCoin’s alignment with stringent Japanese regulations provides it with a distinct competitive advantage, making it a coin to watch in the evolving digital landscape.

Market Movers: Supply Dynamics Favor JasmyCoin’s Price Growth

On Tuesday, JasmyCoin’s price held steady above $0.20 during the American trading session, a reflection of its bullish technical structure. However, what’s happening behind the scenes may be even more telling of the cryptocurrency’s potential. According to on-chain data from Santiment, there has been a significant decrease in the supply of JasmyCoin held on exchanges—from 12.1 billion tokens in February 2024 to just 10.42 billion. This dwindling supply on exchanges is a key indicator that downward pressure on the coin’s price could be easing, setting the stage for further gains.

Conversely, the supply of JasmyCoin outside exchanges has risen to 10.36 billion, suggesting that investors are increasingly confident in the token’s long-term prospects. This shift in supply dynamics, with more tokens being held off-exchange, often signals strong investor sentiment and a belief in future price appreciation.

Eyes on the Federal Reserve: Will Powell's Speech Impact the Crypto Market?

As JasmyCoin rides this wave of optimism, the broader financial markets are keenly focused on the upcoming speech by Federal Reserve Chair Jerome Powell at the Jackson Hole Symposium in Wyoming. Investors are bracing for insights that could influence the trajectory of risk assets, including cryptocurrencies. Although Powell is not expected to diverge significantly from his previous statements at the July FOMC meeting, there is speculation that he may emphasize the possibility of an interest rate cut in September—a move that could provide a much-needed boost to the liquidity-starved markets.

JASMY Price Analysis: On the Brink of a Major Breakout

Technical indicators suggest that JasmyCoin is on the cusp of a breakout. A four-hour green candle could soon propel JASMY above its trend line resistance, opening the door to potential price targets of $0.025 and even $0.03 in the near term. The tightening of the Bollinger Bands—a classic signal of impending volatility—further supports the case for an imminent breakout. This contraction in the Bands often precedes a sharp move in either direction, although current market conditions favor a bullish outcome.

With JasmyCoin holding firm above the 20-day and 50-day Exponential Moving Averages (EMAs), traders are eyeing a breakout and subsequent retest of the trend line as a cue to enter more buy orders. Savvy traders will likely place stop-loss orders just below this level to manage risk, with eyes on targets at the 200-day EMA ($0.0235), $0.026, and a stretch goal of $0.03.

However, it's important for traders to remain cautious. While the Bollinger Bands suggest a breakout is imminent, the possibility of a downward move remains. A descending trend line within the same range could lead to a bearish scenario, with JASMY potentially slipping below the $0.019 support level and descending further to $0.015.

As JasmyCoin await with a breakout, it embodies the hopes of investors looking for opportunities in a market where major cryptocurrencies have stalled. The combination of dwindling exchange supply, increasing off-exchange holdings, and favorable technical indicators positions JASMY as a token with the potential for significant short-term gains. Yet, with external factors like Powell’s speech looming, traders must stay vigilant, ready to adapt to whichever direction the market takes next.

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Disclaimer: The information provided in this article is for informational purposes only and should not be considered financial advice. Cryptocurrency investments are highly volatile and can result in significant financial loss. Always conduct your own research and consult with a qualified financial advisor before making any investment decisions. The views expressed in this article are those of the author and do not necessarily reflect the opinions of the publisher or any affiliated parties. Investing in cryptocurrencies carries inherent risks, and past performance is not indicative of future results. Proceed with caution.