Jasmy price has emerged as one of the best-performing cryptocurrencies this week as it continued to defy gravity. The token has gained in the past five straight days and the size of its candles is gaining steam. It has risen from a low of $0.0045 in February to $0.017, meaning that it has surged by over 260% in that period. This rebound has brought its total market cap to over $815 million.
Tom Lee Bitcoin price prediction
The main catalyst for the Jasmy price surge is that analysts are still extremely bullish about cryptocurrencies this year. Besides, Bitcoin has already crossed the important resistance point at $52,000, which is higher than its 2022 low of $15,500.
Other cryptocurrencies have also done well, with Ethereum soaring to over $3,000 for the first time in two years. As I wrote on Wednesday, Ethereum’s surge is mostly because investors expect that the Securities and Exchange Commission (SEC) will approve a spot Ethereum ETF soon.
One of the analysts bullish on cryptocurrencies is Tom Lee, the founder of Fundstrat. In an interview with CNBC, he predicted that Bitcoin has room to move to $150,000 in the coming months. This means that the price needs to quadruple from here.
The main catalyst for Bitcoin is that institutional investors are embracing Bitcoin ETFs. In this case, the main ETFs have seen over $10 billion in inflows in less than two months. If this trend continues, we could see these ETFs add another $20 billion by the end of the year.
Tom Lee also pointed to the fact that Bitcoin halving is coming soon and that the Federal Reserve will ultimately start cutting rates this year. Other analysts like Michael Saylor and Cathie Wood are all optimistic about Bitcoin.
Why JasmyCoin is soaring
Jasmy, which is a popular Japanese cryptocurrency is soaring because investors are generally optimistic about digital currencies. As I have written before, this crypto token tends to do well when Bitcoin and other coins are soaring.
Further, there is a sense of Fear of Missing Out (FOMO) that is going on in the market. Indeed, we have seen many people who abandoned the crypto industry during the crypto winter come back. Also, the token has been trending in all trading-focused social media platforms like X, Reddit, and StockTwits.
Data shows that the Jasmy volume has gone parabolic recently. According to CoinMarketCap, the total volume in the past 24 hours stood at over $1.38 billion. Most of this volume was in Binance, which handled tokens worth over $300 million. Other popular JasmyCoin exchanges are Coinbase, Gate.io, and KuCoin.
Jasmy price forecast
The daily chart shows that the JASMY token price has jumped sharply in the past few weeks. Most of these gains happened this week as it went parabolic after crossing the key resistance point at $0.0075, the highest point in December.
However, there are signs that the JASMY coin has become severely overbought. The MACD has jumped to its all-time high while the Relative Strength Index (RSI) and the Stochastic Oscillator have moved to above 90.
Therefore, while more gains are possible, I suspect that the coin will take a breather soon and retest the support at $0.012. This retreat will happen as it moved into the distribution phase of the Wyckoff Method.
What next for JasmyCoin?
The short-term outlook for Jasmy is mildly bearish since it has gotten severely overbought. In most cases, as we saw with SMCI stock recently, short pullbacks are usually necessary after an asset makes a big move. In the long-term, however, Jasmy will likely bounce back as other cryptocurrencies surge.
