Could Japan’s Bitcoin Bounce Back Soon?
JasmyCoin (JASMY) has been attracting attention after charting nearly 50% gains just two days ago. Can JASMY price make a comeback anytime soon?
The crypto market has longed for volatility as high-value tokens continue to make traders and investors wait for gains.
Nevertheless, investors and analysts have turned their attention to mid-cap and small-cap cryptocurrencies that are showing signs of higher volatility and could offer higher gains. Or could they?
What is JasmyCoin (JASMY)?
JasmyCoin (JASMY) is the 521 ranked coin on CoinMarketCap. JASMY is an ERC-20 token and serves as the main utility of Jasmy Corporation, an Internet of Things (IoT) provider.
One of the most notable things about the JASMY token is that among community members, the token is often billed as Japan’s Bitcoin. One of the reasons why the token marks itself as the Japanese BTC is because it combines blockchain and IoT to provide an infrastructure that allows users to use data.
Jasmy was founded in April 2016 by several former Sony executives. JasmyCoin was launched in October 2021 on the Japanese exchange BITPoint.
JasmyCoin price went down 99.99% from ATH
It would not be wrong to say that JasmyCoin’s price started its journey on quite a high note. However, data from Messari suggested that at the time of writing, JASMY’s price was down 99.99% from its high of $93.35.
On November 2, JASMY traded at $0.005202, a loss of 2.12% on the daily time frame. A look at JASMY’s one-day price chart showed that after reaching a local high of $0.0068 on October 30, the token’s price started making lower highs along with fading trading volumes.
Daily, the RSI presented a more or less equal number of buyers and sellers. However, the Chaikin Money Flow indicator showed that money flows were at their lowest levels with almost no money flowing in.
JASMY price needs to clear the $0.0067 resistance before bulls can target further gains. In the event of a bearish pullback, the price may return to the $0.0043 lower price range.
Has the price bottomed out?
From a technical standpoint, JASMY’s immediate bullish price action appeared to be on the wane. However, active addresses for JasmyCoin had risen to 662 on October 31, marking a five-month high.
Additionally, while the token’s short-term MVRV was positive, it appeared to have peaked and could be due for a reversal if the price falls further.
JASMY’s trading volume according to CoinMarketCap was $141 million, a drop of 5.17% in the last day.
Nonetheless, analysts on crypto Twitter made bullish predictions about JASMY’s price action. Pseudonymous cryptanalyst, Captain Faibik, noted that JASMY had bottomed out and could be ready to bounce.
According to the analyst, the price has made a falling wedge pattern on a one-day chart as whales have accumulated. The analyst has also noted a bullish RSI divergence on the token’s price chart.
However, whether the token’s price actually sees a breakout remains to be seen.
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