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Key Insights:
- Jasmy price is on the cusp of a strong bullish breakout this year.
- The token formed a double-bottom pattern and is about to form a golden cross.
- Third party data points to whale accumulation and falling exchange reserves.
Jasmy price continued its strong surge this week, reaching its highest level since May 14. It has jumped by over 95% from its lowest point this year, and the ongoing whale accumulation and the upcoming golden cross pattern points to a major surge.
Jasmy Price Technical Analysis Signals More Gains Ahead
The daily timeframe shows that the Jasmy price has rebounded in the past few weeks, moving from a low of $0.01014 in June to a high of $0.02. It formed a double-bottom-like pattern, a popular bullish reversal sign.
This pattern’s neckline is at $0.021, its highest point on May 14, which also coincides with the 23.6% Fibonacci Retracement level. This double-bottom pattern has a height of 52%.
Measuring the same distance from the coin’s neckline gives a target of $0.0322, which is slightly below the 50% retracement level at $0.033. This target implies a 62% surge above the current level.
Further, the Jasmy price is about to form a golden cross pattern when the 50-day moving average crosses the 200-day average. This crossover pattern often leads to a strong surge over time.
Other indicators also support this bullish view. For example, the Average Directional Index (ADX) has jumped to 36, its highest point since December last year. The Relative Strength Index (RSI) has moved to 77, the highest point this year, a sign that it has the momentum.
The bullish JasmyCoin price forecast will become invalid if it drops below the 50-day moving average at $0.0149.
Whale Accumulation to Boost the JasmyCoin Price
Numerous catalysts may push the Jasmy price higher in the coming weeks. First, third-party data shows that whales are accumulating the coin, which is a sign that they expect it to keep soaring.
Whales hold over 6.93 million Jasmy tokens, much higher than this month’s low of 4.97 million. Their current holdings have jumped by nearly 40% in the last 30 days.
Other market participants are highly bullish on the coin. For example, the top 100 holders have continued to boost their JASMY holdings. The same is true with smart money investors, who are individuals or institutions known for executing highly profitable trades.
JASMY Exchange Balances are Falling
Meanwhile, data shows that exchange balances or reserves continue falling this month. There are over 15.25 billion JASMY tokens on centralized and decentralized exchanges, down sharply from 16.3 billion in June this year.
This supply has been in a free fall after peaking at 17.7 billion in February this year. Falling exchange balances is a sign that investors are moving their tokens from exchanges and moving them from their wallets. It is also a sign that these investors expect the price to jump.
The other highly bullish Jasmy price catalyst is the fact that demand for its tokens in the futures market is jumping. Its futures open interest soared to $62.7 million, up from $22 million in its lowest point in June.
JasmyCoin is a popular cryptocurrency known as Japan’s Bitcoin. It has strong technicals, including a double-bottom pattern, and is about to form a golden cross. These two patterns normally lead to more upside over time.
At the same time, JASMY price is benefiting from the ongoing demand in the futures and spot markets. Whale and smart money investors are accumulating, while the supply on exchanges is soaring. Therefore, the token will likely continue rising in this altcoin season.
