JasmyCoin, the once-overlooked cryptocurrency, has been catching the attention of investors with a remarkable surge of over 100% in the past 30 days. Despite the recent dip in its price, top crypto analyst Steph Is Crypto recently revealed on X (formerly known as Twitter) that the price surge for JasmyCoin is far from over.
According to him, the current dip is a temporary phase, and JasmyCoin’s real potential lies in its ability to break through the $0.04 resistance barrier. If this resistance is surpassed, the analyst believes JasmyCoin could fly to higher prices, signalling a robust upward trend.
This sentiment reflects a broader perspective among crypto analysts who see the recent price movements as part of the cryptocurrency market’s inherent volatility.
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JasmyCoin Has Experienced Huge Sellof In Recent Days
JasmyCoin’s impressive performance over the past month has attracted a wave of investors eager to capitalize on its growth. However, this surge has also led to substantial profit-taking activities. According to recent reports, DWF Labs, a major player in the crypto market, has been unloading large amounts of JASMY tokens, resulting in notable price dips.
SpotOnChain, an on-chain transaction tracking platform, reported that DWF Labs deposited 97 million JASMY, worth $3.3 million, into Binance over three days. Each deposit was followed by a short-term price drop, indicating the impact of these large-scale transactions on the market. Despite the sell-off, DWF Labs has managed to secure a substantial profit, estimated at $9.49 million, representing a remarkable 307% return on investment (ROI). This activity has also sparked a wave of profit-taking among other investors, contributing to the downward pressure on JASMY’s price.
Future Prospects for JasmyCoin
The recent dumping by DWF Labs and subsequent profit-taking by other investors highlight the volatility inherent in the cryptocurrency market, particularly for assets that have seen rapid price increases. For JasmyCoin investors, the short-term price drop might be a cause for concern. However, it’s also essential to consider the broader context.
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The surge in JasmyCoin’s price over the past month indicates strong interest and potential for future growth. The bullish outlook provided by analysts like Steph Is Crypto suggests that there is still significant upside potential for JasmyCoin. Investors are advised to keep a close watch on the market dynamics and the actions of large holders, as these factors will play a crucial role in determining the future trajectory of JasmyCoin’s price.
