JasmyCoin (JASMY) has gained fresh bullish momentum and comfortably held gains beyond the key EMAs. Bulls regained momentum after a significant V-shaped correction last month. A notable reversal from the 200-day EMA mark was observed last week. From there, buyers accumulated the coin, recuperating over 40%, and still wanted more. However, the coin paused and showed a lack of volume support in the last two trading sessions.
Key Technical Insights
The intraday trading volume dropped over 23%, which implies an imbalance in the buying pressure. Amidst the market recovery, the token could go higher and revisit the primary hurdle of $0.03500. A break and close above $0.0300 would permit the bulls to trigger an up move. It may deliver a flight toward the $0.03500 mark ahead.
Bulls are Not Ready to Relinquish Dominance
While some profit booking was noted in the last two trading sessions, a lack of follow-on buying action emerged as a prime concern. Therefore, the bulls were still not comfortable relinquishing dominance. However, bulls still have control and have tried to gain traction. The coin stayed above the 38.2% Fib level, which guides slightly positive data. The RSI curve stood around 60 in the overbought zone, suggesting a further upswing.
Current Market Stats
At press time, JASMY was trading at $0.02910 with an intraday drop of 2.26%, reflecting neutrality on the chart. It has a monthly return ratio of -19.20% and 643.2% yearly, reflecting a long-term uptrend. JASMY /BTC is at 0.000000450 BTC, and the market cap is $139.25 million. Analysts are bullish and suggest that JASMY may soon resume the bullish wave and reach the upside of $0.03800.
Investor Confidence and Social Insights
In terms of market cap, JASMY was ranked at 284. It has a total supply of 50 billion, and the volume-to-market cap ratio is 0.677. @Stephiscrypto, in his tweet, mentioned that there is a vast space vacant for the coin to spread the reversal. According to data from IntoTheBlock, 70.15% of JASMY addresses were in profit. On the other hand, around 28% of its holders were facing unrealized losses. This large chunk of profitable holders protected the coin from an unwanted selloff while enjoying their gains.
Social Dominance and Active Addresses
Social dominance data witnessed no significant changes and stayed flat at around 0.105%. This indicates the lack of investor participation and a decline in the discussion activity on social media platforms. Meanwhile, active addresses data implies an increase in the last three sessions. It noted a change of over 3.38%, highlighting the renewed interest. The immediate support levels for JasmyCoin are $0.02850 and $0.02750. In contrast, the key upside hurdle is around $0.0300, followed by $0.03200. JASMY climbed above the significant moving averages and decisively held gains beyond it. A short covering move could be seen when the coin crosses $0.03050, which may lift the coin toward the $0.03200 mark.
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