JasmyCoin price went parabolic and hit its highest level since June this year as the crypto bull run accelerated. JASMY, popularly known as Japan’s Bitcoin, jumped to a high of $0.043.
Jasmy price technicals provide next target
The daily chart shows that JasmyCoin price has strong technicals that could push its price higher in the longer term, as we predicted.
This chart shows that the coin formed a golden cross pattern on November 25 as the 200-day and 50-day moving averages crossed each other. The last time that Jasmy formed that pattern was in November last year, and it jumped to the year-to-date high of $0.0447 a few months later.
The most important pattern that Jasmy has formed is the cup and handle, which is made up of a rounded bottom. Its depth is about 62%. Therefore, if we measure 62% from the upper side of the cup, we see that the coin could soar to $0.071.
There are two potential risks to the JASMY price. First, the coin is about to get to the upper side of the cup, meaning that it may consolidate or pull back to form the handle section.
Second, the MVRV indicator has moved to 3.2, meaning that the coin is trading at a higher level than the relative value. Also, the Relative Strength Index (RSI) shows that it has become highly overbought.
The other risk is that Bitcoin is struggling to get to the key level at $100,000. Analysts believe that coins like Jasmy will thrive when Bitcoin jumps to the resistance at $100k. The risk is that it could drop further in the near term before that jump finally happens.
Analysts and investors are bullish on JasmyCoin
Ace, a popular crypto analyst hinted that the coin would have a “violent move” if it clears the resistance level between $0.04 and $0.05. He expects the coin to have an 8% return if that happens.
Meanwhile crypto analysts and investors are optimistic that the JasmyCoin price will continue rising. Data by Etherscan shows that one whale has been accumulating Jasmy in the past few days. His latest trade is when he moved Jasmy coins worth over $700k from Coinbase to a wallet.
Another wallet moved Jasmy coins worth over $9.3 million from Binance to a self-custody wallet. Tokens moving to a wallet are often seen as a positive thing since the whale has no intention of selling. This trend may continue as the number of addresses holding JASMY continues to rise.
