Bittime – The price of JasmyCoin (JASMY) experienced a significant spike on May 30, breaking out of a price range that had persisted for several months and posting an increase of 25%. If this is the case, should you keep holding it or just sell it for a big profit?
JASMY Price Today
Summer: Over
When this article was written on June 2, 2024, JASMY was priced at IDR 571 or $0.035. This price is of course close to JasmyCoin's resistance price at $0.036. However, in the last 24 hours, JASMY passed the resistance price at IDR 601 or $0.037.
Check Today's Crypto Market:
JASMY Price Increase Factors
The sharp rise was fueled by speculation about Apple's planned Japanese integration of 'My Number' . 'My Number' is a public project to streamline administrative services for Japanese citizens, such as social security and taxes.
Traders speculate that Jasmy is involved in the project because the company is a Tokyo-based leader in personal data security and blockchain integration. However, Jasmy has not officially confirmed their involvement with the Japanese 'My Number' project.
Also Read: JASMY Coin Price Prediction: Approaching the Peak or Still Continuing?
JasmyCoin's Next Price Target: What to Watch?
Price chart indicators on the 12-hour time frame are showing bullish signals at the time this article was written. Buying pressure is very strong, as seen from the RSI (Relative Strength Index) indicator which is in the overbought zone.
Likewise, an above-average CMF (Chaikin Money Flow) reading indicates that significant capital has flowed into JASMY in the last few hours.
However, the price surge was immediately blocked by a hurdle at $0.033, which was the previous support level in March 2022. If the narrative around Japan's 'My Number' fades, then this hurdle could pose a challenge to the bullish movement.
If that happens, JASMY price may experience a correction to the confluence area between the previous high range and the 20-day Exponential Moving Average (EMA) or to the multi-month trendline support level.
However, if the rally continues, JASMY's bullish movement has the potential to reach another 20% gain if it manages to break $0.04.
Will Long-Term JasmyCoin Investors Divest Their Assets?
The increase in JASMY prices at the end of May was accompanied by a surge in demand, as shown by the gradual increase in Off-Exchange Supply. This indicates the accumulation of assets during that period. On the other hand, selling pressure is reduced, as can be seen from the decline in Supply on the Exchange.
However, the Market Value to Realized Value (MVRV) indicator is at a positive number of 92%. This suggests that most long-term holders (LTH) are in a profit position and may be tempted to sell their assets.
If LTHs decide to take profits, the correction scenario described above could occur. Therefore, the $0.025 level is an important level to watch.
Also Read: Why the Price of Jasmy Coin (JASMY) Exploded: An In-Depth Look into the Crypto Renaissance in Japan
Is JasmyCoin Worth Investing?
Based on the analysis above, several factors need to be considered before deciding to invest in JasmyCoin, namely:
1. Market Sentiment
Speculation surrounding the integration of 'My Number' with Apple has been the main driver of JASMY's recent price increase. If the news is not confirmed or market enthusiasm fades, JASMY's price may undergo a correction.
2. Selling Pressure from Long-Term Investors
A positive MVRV indicator indicates potential profit-taking from long-term investors. This may cause a price drop in the short term.
3. Technical Analysis
Although technical indicators on the 12-hour time frame suggest a bullish trend, the nearby hurdle at $0.033 may hinder the price upside.
Also Read How To Buy Crypto:
Conclusion
JasmyCoin has interesting growth potential, especially if the 'My Number' integration project is realized. However, investors need to be careful of potential corrections due to changing market sentiment and long-term investor profit-taking.
It is recommended to conduct independent research (DYOR) before investing in JasmyCoin. Consider the factors mentioned above as well as your financial situation before making a decision.
The cryptocurrency market has high volatility, so investing in these assets carries significant risks.
How to Buy Jasmy Coin (JASMY) on Bittime
You can buy and sell Jasmy Coin (JASMY) easily and safely via Bittime. Bittime is one of Indonesia's best crypto applications, officially registered with Bappebti.
Jasmy Coin (JASMY) is available on Bittime with the market pair JASMY/IDR. To be able to buy JASMY IDR at Bittime, make sure you have registered and completed identity verification. Also, please ensure you have enough balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.
Learn the complete guide on how to buy Jasmy Coin (JASMY) at Bittime.
Monitor price chart movements of Jasmy Coin (JASMY), Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and other cryptos to find out today's crypto market trends in real-time on Bittime.
Read Also:
Can JasmyCoin (JASMY) Reach $1 in 2024?
JasmyCoin (JASMY) Price Prediction 2024-2030: Improving or Decreasing?
Cryptocurrency Interest Increases in 2024 US Election: Voter Interest in Bitcoin Increases
DISCLAIMER: This article is informational and is not an offer or solicitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
Comments
0 comments
Please sign in to leave a comment.