The price of JasmyCoin, popularly known as Japan’s Bitcoin, has remained under intense pressure this year as it entered a deep bear market.
JASMY has slipped to a low of $0.23000 and is loitering at its lowest level since November last year. The coin has three potential catalysts that may push it much higher in the coming weeks.
First, the primary catalyst for the coin is that Bitcoin is on the cusp of a strong bullish breakout now that it has formed a cup-and-handle pattern on the weekly chart. This pattern has a rounded bottom, a horizontal resistance level, and a pullback.
Bitcoin has also formed a bullish flag pattern, with the flag section in formation. Like the C&H pattern, a flag is usually a bullish continuation sign.
The next potential target is $122,000. A strong Bitcoin rally will probably lead to higher Jasmy and altcoin prices in the coming weeks.
Second, there are signs of ongoing accumulation as the amount of Jasmy coins in exchanges has fallen. The chart below shows that these balances have fallen from 11.7 billion to 8.51 billion, its lowest level in years.
Exchange balances provide a good indicator of flows by retail and large investors. A big drop, such as today’s drop, indicates that many investors are moving their tokens from exchanges to self-custody wallets.
Jasmy Price Forecast
The other potential catalyst for the JasmyCoin price is its technicals. On the daily chart, the coin formed a falling wedge chart pattern, a popular bullish pattern. The upper side of this pattern connects the highest levels since December, and the lower side links the lowest levels since November.
The JASMY price has also formed a cup-and-handle pattern, a popular bullish sign in the market. It has moved above the ascending trendline, connecting the lowest levels since February 2024.
Therefore, the coin will probably rebound in the coming weeks. If this happens, the next point to watch will be at $0.0446, the upper side of the C&H pattern, which is about 95% from the current level. A drop below the support at $0.020 will invalidate the bullish view.
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