Jasmy Coin price has done well in the past few days, even as other cryptocurrencies retreated. It jumped to a high of $0.0388 on Monday morning, up by almost 18.5% from its lowest point on Friday. It is also slowly nearing the year-to-date high of $0.04475.
Jasmy, popularly known as Japan’s Bitcoin, has jumped as investors buy the dip. Before the current rebound, the token was down by almost 30% from its highest level this month. In most periods, it is common for investors to buy the dip when a popular coin drops.
The recent surge in Jasmy Coin’s price can be traced back to a positive article in Binance Square, which predicted a potential jump to over $5. The author drew parallels between Jasmy Coin’s current pattern and Cardano’s performance in 2021, suggesting a similar trajectory. However, it’s important to note that a forecast of Jasmy Coin reaching $5 from its current value of $0.038 is a highly ambitious projection.
Jasmy also jumped as traders speculated that the network would partner with Nvidia, the third-biggest company in the world. This speculation happened after the company announced it would build AI infrastructure in Japan.
The government is also planning to invest $740 million in building AI infrastructure in the country. This is highly speculative and unlikely to happen, as Nvidia has mostly avoided making investments in the crypto space.
Jasmy is also jumping as demand for decentralized public infrastructure (DePIN) rises. A recent study showed that DePin applications had achieved over $25 billion in market cap as demand grew. Jasmycoin is one of the leading players in the industry, as its platform helps users store and manage their data.
Jasmy price forecast
The daily chart shows that the price of Jasmy peaked at $0.04468 this month and then pulled back sharply to $0.03150. It formed a morning star pattern, which is a popular reversal candlestick.
The token has remained above the 50-day Exponential Moving Average (EMA), meaning that bulls are still in control. It has also remained above the important support level at $0.02757, its highest point on March 4th.
The Relative Strength Index (RSI) and the Stochastic Oscillator have all pointed upwards. Therefore, the JASMY token will likely continue rising as buyers target the YTD high of $0.004468, which is about 20% above the current level.
On the flip side, more sell-offs will be confirmed if the token plunges below the morning star’s low of $0.03150.
