JasmyCoin (JASMY) has seen a significant surge in price, defying the broader crypto market trend where most top altcoins are consolidating in line with Bitcoin’s movement. On June 23, JASMY price rose by 12%, surpassing other tokens in the top 100 by market cap. While Bitcoin and Ethereum were trading around $64k and $3.5k respectively, JasmyCoin was above $0.033, experiencing a considerable increase in daily volume and emerging as one of the top trending crypto tokens.
Despite being down nearly 7% over the past week, JasmyCoin’s recent gains have helped mitigate losses seen when the price dropped to around $0.027. Following a decline from above $0.044 in early June, a breakdown to $0.030 occurred as Bitcoin experienced a sharp drop. Amid sell-off pressure in the crypto market due to macroeconomic events and miner selling, JASMY slid below a technical support level to hit lows of $0.027 on June 21. However, the recent price increase reflects a positive turn in the market.
Data from CoinGecko indicates a 24% increase in 24-hour trading volume for JasmyCoin, which now stands at over $200 million. The previous day saw a volume of $176 million as the price climbed from around $0.029 to $0.032. From a technical perspective, the Moving Average Convergence Divergence (MACD) and Relative Strength Index (RSI) on the 4-hour chart indicate a slight advantage for bulls, despite a retreat from the resistance line of the Bollinger Bands. However, the daily chart shows RSI and MACD slightly favoring bears, suggesting that buyers need to maintain the price above the important psychological level of $0.030 to avoid a bearish reversal.
Looking ahead, JASMY’s major resistance level could be around $0.038-$0.040. The recent price increase is seen as a continuation of the bullish momentum that has been building over the past few days. JasmyCoin’s native token is associated with a Japan-based cryptocurrency project focused on decentralized data. As the crypto market remains volatile and influenced by various external factors, investors will be closely watching JASMY’s price movements and key support levels to gauge future trends in the market.
In conclusion, JasmyCoin has defied the broader crypto market trend with a noteworthy surge in price, outperforming other top altcoins. Despite recent losses, the token’s recent gains have helped stabilize its value and position it as one of the top trending crypto tokens. With technical indicators suggesting a potential bullish advantage, buyers will need to maintain the price above key support levels to prevent a bearish reversal. Going forward, investors will be monitoring JASMY’s price movements and resistance levels to assess its future trajectory in the volatile crypto market.
