JasmyCoin (JASMY) price has increased by 10% in the last 24 hours, trading around $0.267 during European business hours on Monday. This surge is attributable to a new partnership between JASMY and NOWPayments. The partnership will enable businesses in Japan to accept payments using JasmyCoin. Additionally, the price increase may also stem from the Bitcoin price revival, driven by whales accumulating on the potential end of the asset’s corrective phase.
Breakout Hints at Significant Gains for JASMY
JasmyCoin is one of the most reactive crypto-assets in the space. On the hint of a Bitcoin recovery, the asset has already risen by 10%, as per CoinGecko. The JASMY price action trends at the 21-day and 50-day levels but remains below the 200-day simple moving averages (SMA), indicating a neutral stance.
Bullish Outlook Emerges as JASMY Retests Consolidation Zone
The last time JASMY traded below the 200-day SMA was in January, suggesting an overall bullish outlook for the asset. Recently, Jasmy’s price broke back into a ranging zone after establishing a new yearly high. Following the Bitcoin recovery and the partnership news, JASMY’s price has surged back and retested the upper boundary of the consolidation zone. This is a crucial point for the asset’s price outlook, as a rejection at this level could result in a downside movement to $0.016, well below the 200-day SMA support.
Technical Indicators Signal Potential Trend Reversal
The Jasmy relative strength index (RSI 14) is bullish, with the indicator crossing above the mid-point and sitting at 50.23. This confirms the bullish trend that began on July 6, right after the Bitcoin crash. Additionally, the RSI crossed back above its moving average (MA) on July 9, signaling the start of an uptrend. JASMY rallied for an entire month the last time this happened, gaining 148%.
Furthermore, the moving average convergence divergence (MACD) indicator has flashed a bullish crossover on the daily timeframe, confirming that Jasmy’s price has reversed its trend from bearish to bullish.
Potential for 97% Gains as JASMY Breaks Resistance
If the Bitcoin price prediction hints at a continued uptrend, the price of Jasmy may also extend gains, breaking above the range once more and rallying to $0.055, a 97% increase from the current price. Key resistance areas on the way up include $0.04 and $0.051.
In conclusion, the analysis of Jasmy’s key indicators suggests a potential trend reversal, with technical signals hinting at a possible change in the cryptocurrency’s current price trajectory. Investors should closely monitor the situation as Jasmy price may be on the brink of a significant rally.
Read Also: Expert Predictions: Will JasmyCoin’s ISMS Deal Propel It to $0.6 by 2025?
