JasmyCoin price rose for three consecutive weeks as sentiment in the cryptocurrency industry improved. JASMY, popularly known as Japan’s Bitcoin, surged to a high of $0.023, its highest level since August 19th.
Its climb happened after the crypto fear and greed index moved from the greed zone of 34 to the neutral point of 54. The CNN Money index has also moved to the greed zone of 72, meaning that investors have taken a risk-on sentiment.
Jasmy’s comeback also happened as other digital coins rallied. Bitcoin surged to $65,000 for the first time in over a month while meme coins like Shiba Inu, Pepe, and Dogwifhat surged by double digits. The total market cap of all coins has risen to over $2.3 trillion.
Notably, a big Jasmy investor took advantage of the surge to exit. Data by Etherscan shows that a trader moved Jasmy tokens worth $1.5 million to Coinbase, paying a fee of just $2.68. A token move to an exchange is usually a sign that an investor wants to sell.
Still, Jasmy has some potential catalysts that could push its price higher in the near term. For one, data shows that its futures open interest has jumped to $36 million, the highest level in months. A higher open interest is usually a sign that an asset has more demand.
The other catalyst for JasmyCoin price is that Bitcoin has moved above the 50-day and 200-day Exponential Moving Averages (EMA), avoiding forming a death cross pattern, one of the most popular bearish patterns in the market. Most altcoins, including Jasmy, would have plunged hard had the coin formed the pattern.
Jasmy is also benefiting from the Fed’s decision to slash interest rates by 0.50% to engineer a soft landing. The Bank of Japan also avoided hiking interest rates, a move that would have led to more unwinding of the yen carry trade. Cryptocurrency prices often do well when central banks are dovish.
