In-Depth Analysis Of Jasmy Coin, Why Is Its Price Rising and Will It Remain Bullish?

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Bittime -  Jasmy Coin has surged more than 125% in the past few days, reaching a new local high of over $0.01625.

This Japanese project is witnessing an unprecedented rise in market value, which has attracted investors and analysts who are more optimistic about the upcoming trend. Now the question arises: is this surge just temporary hype or sustainable growth.

Also Read What Is All-Time High (ATH)?

Japanese Regulatory Stance Favors Venture Capital Investment for Crypto Projects

The crypto environment, particularly regulatory attitudes, varies significantly in Japan, with authorities reportedly approving venture capital investments in crypto projects. This may have influenced the price of JASMY, which may have kept the bullish sentiment going for longer.

Symmetrical Triangle Perspective

From a technical perspective, JASMY price has risen above the symmetrical triangle and has been consolidating for more than 500 days. Now that the token accumulation range is solved, the price of JASMY is expected to rise.

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Jasmy coin managed to break some key resistance levels at $0.008 and $0.011 but the bull movement experienced a bearish breakout after reaching a local high at $0.017.

This caused the level to fall below the newly formed support level which turned into resistance at $0.0143. However, technicalities suggest that the token experienced a minor contraction after rising dramatically.

Understanding Support and Resistance: The Key to Successful Crypto Asset Trading

The level has risen above the average level of the Gaussian channel, which helps in interpreting the upcoming rally trend.

This indicates a substantial change in the sentiment of traders who believe in the token's bullish trajectory. On the contrary, JASMY price faced heavy selling pressure compared to the previous few days. 

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This could halt the price increase for a while and force the price to maintain a tight consolidation along with gains for a while.

Sentimen Bullish Jasmy Coin

Overall, bullish sentiment has surrounded Jasmy coin, but if the price validates a breakout above $0.017 and reaches $0.02, it can be considered a long-term growth projection, and if it does not happen, it will only be a short-lived rally.

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