JASMY Saw Bullish Breakout: Is JASMY Set For a Major Rally?

• JASMY price rebounded over 8% from its 20-day EMA mark in the intraday session.
• Its Open Interest soared over 34.74% to $57.98 Million in the past 24 hours.

JasmyCoin (JASMY) broke its downward-sloping trendline hurdle and registered an upmove of over 8% intraday. The bullish breakout and a sharp volume spike of over 114% revealed the investors’ speculation.

For the past two weeks, JASMY has remained volatile and has witnessed significant fluctuations. Last week, it faced rejection around $0.03200 and sharply slipped toward the 100-day EMA mark.

This week, bulls regained momentum and sharply accumulated the coin from the pivotal support zone of $0.02500. It has formed a three-white soldiers formation and is poised to trigger a bullish rally ahead.

The ongoing price action gives a bullish conviction and implies that the coin has completed the retracement phase. The promising signs were displayed on the chart.

JASMY At Press Time

At press time, JASMY was trading at $0.0320 with an intraday surge of 6.406%, reflecting buying momentum on the chart. Its trading volume surged over 120% to $214.80 Million, revealing the investors’ speculation.

Regarding the market cap, JASMY was ranked at 256 and has a market cap of $152.07 Million.

JASMY Displayed Bullish Projections 

The Daily chart of JASMY implied a fresh accumulation. Also, it indicated a noteworthy pullback of over 30% from the 100-day EMA mark this week.

Fueled by the demand and volume surge, JASMY is set to extend the bullish wave ahead. Once it crosses the pivotal hurdle of $0.03400, a sharp upside toward $0.0400 can be anticipated in the short term.

During the first week of July, JASMY retested its 200-day EMA mark and made a tweezer bottom there. Afterward, its price action articulated that JASMY had displayed a pullback and gained bullish momentum.

JASMY Price Chart | Source: Santiment

The Daily RSI showed intense bullish momentum, had a reading of 60, and noted a positive crossover. Similarly, the CMF’s reading of +0.15 supported the idea of firm capital inflow.

The Fibonacci retracement levels showed that the token could trigger another rally. It might revisit the upside mark of $0.03600, followed by the $0.04000 mark shortly.

@Fresh_Fontana, in his X post, @Fresh_Fontana highlighted that JASMY is set to go high and was awaiting confirmation.

$JASMY about to go full send if it breaks trend pic.twitter.com/wdFf6sJCVY

— ️ (@Fresh_Fontana) July 27, 2024

A Tweet by @Fresh_Fontana | Source: X

Social Dominance and Weighted Sentiment Data Overview

Amid the significant price increase, the weighted sentiment data was still in the negative region, at -0.165. It displayed that investors were still not looking confident in accumulating JASMY.

Social Dominance Chart | Source: Santiment

However, the social dominance data projected a spike and crossed the zero line, noted at 0.187%. This conveyed an increase in the discussions and buzz on the media platforms.

Majority Of Holders Are In Green

Per the Data from IntoTheBlock, the GIOM indicator revealed that 72.52% of the wallet addresses holding JASMY are profitable. Close to 25% of wallet addresses were facing unrealized losses and willing to secure their gains.

This large chunk of profitable holders suggested strong support for the asset and could provide protection from any unwanted selloff.

Similarly, the Open Interest surged over 34.74% to $57 Million, which signified fresh long additions in the last 24 hours.

In case of any retracement, the JASMY price could take the support around $0.03000, followed by $0.02800. At the same time, the upside hurdles were placed around $0.03500, followed by $0.03700.

The JASMY price rolled beyond the significant moving averages and is set to extend the bullish wave ahead. Once it goes above the $0.03400, its next bullish leg would settle around the $0.04000 mark.

Disclaimer

This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.