OI & Volume Aids Analysts Theory, Will Jasmy Price Sky Rocket?

OI & Volume Aids Analysts Theory, Will Jasmy Price Sky Rocket?


Beyond its position as the 71st in market capitalization on CoinMarketCap, JASMY stands out for its robust base of long-term investors. 55% of these contributors have maintained their holdings for over a year, demonstrating a strong conviction and trust in the project’s potential.

Jasmy Token Summary | By Intotheblock.com

According to the CFO of JASMY, known as HARA, the cryptocurrency has garnered considerable attention on X. It emerged as one of the top trending topics in the Business and Finance category, eliciting over 7,000 discussions, which underscores the community’s engagement and interest in JASMY’s future.

JasmyCoin (JASMY) Crypto Derivatives Spotted Strong Activity

The Open interest in the JasmyCoin for the derivatives stands at $65.60 Million, with an surge of +81.31% in the last intraday session.

JASMY Futures Open Interest | By CoinGlass

Likewise, the trading volume for the derivatives in the last 24 hours amounted to $699.78 Million (627.51% surge). The growth in the trading volume of the JASMY crypto demonstrated a rise in the engagement of the number of traders and investors in the crypto asset.

JASMY Total Liquidations Chart | By CoinGlass

The liquidation data for the past 24 hours, further displayed that bulls ruled over the price, resulting in a higher short liquidation of $702.84 K, and the long liquidation for the JasmyCoin crypto was at $665.75 K.

What can JasmyCoin Price Prediction (JASMY) be, Based on Technical Study?

At press time, the price has traded at $0.02558 with an intraday surge of +1.71%, with a market capitalization of $1.32 Billion.

Analyst Captain Faibik expressed optimism on X, noting that JasmyCoin (JASMY) has broken out from a bullish pennant development on the 1-day chart, highlighting potential for further growth.

Similarly, analyst Zen conveyed a positive outlook on the same platform, observing that JASMY was striving to overcome a bull flag pattern on the weekly chart. Zen added that a successful breakout could lead to historical price levels drawing the price upward like a magnet.

The combined analysis from both tweets suggests that JASMY’s daily chart shows a consistent rise from its support level, staying above both the 50-day and 200-day exponential moving averages (EMAs), signaling a strong bullish trend over the long term. 

Likewise, the MACD indicator confirms this sentiment with a bullish crossover and an ascending histogram at 0.00063, while the RSI stands at 74.52, indicating an overbought condition. Should buyers lose momentum, the breakout’s potential may be capped. However, if the price continues to climb despite challenges, it could lead to a significant upward surge.

If the breakout maintains its momentum, JasmyCoin’s price could aim for higher levels, potentially reaching $0.0353 and, if surpassed, could extend gains up to $0.0495.

Conversely, if the price falls and re-enters the previous pattern, the bullish formations observed on the daily and weekly charts could lose their significance. Additionally, if JasmyCoin’s price cannot hold above the $0.02239 mark, it may face a further decline towards the demand zone.

Summary

JASMY has a strong base of long-term investors, with 55% of contributors holding their investments for over a year. The cryptocurrency has gained attention and engagement on a platform, with significant trading volume and open interest in derivatives. The liquidation data shows a higher short liquidation compared to long liquidation.

Technical analysis indicates a strong bullish trend over the long term, with potential price targets of $0.0353 and $0.0495 if the breakout maintains momentum. However, if the price falls and re-enters the previous pattern, the bullish formations observed on the charts could lose their significance.





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