Billed as Japan’s Bitcoin, JasmyCoin (JASMY) is gaining attention this week as its utility token JASMY price shows bullish momentum within the altcoin community.
After experiencing a prolonged decline from a mid-May high of $0.02138, the JASMY crypto has recently rebounded in the short term from a support trendline at $0.01040. This move is marking a significant reversal from its short-term downtrend.
This upward movement is firmly supported by JASMY’s surged trading activity which are reflected in positive on-chain metrics. It is strongly indicating that there is a renewed market demand for JASMY crypto and points towards the potential for a new bullish trend.
Experts are also optimistic about JASMY’s future. One analyst predicts short-term gains of 100%, while another forecasts an impressive 1950% increase.
Keep reading to know more.
Santiment’s Data Hints at a Burgeoning Bullish Shift in JASMY Price
The rise in a significant segment of the addresses holding 1-100,000 coins in Q2 signals an increase in small to mid-tier investors’ accumulation.
These buyers include retail crowds like high-net-worth individuals or small institutions consistently adding to their holdings. This quiet accumulation indicates growing underlying confidence and demand for JASMY.
Simultaneously, the weighted sentiment turning from a negative -1.039 to a positive +0.59 is also a powerful bullish signal. This metric reflects the overall emotional tone of social discussions, weighted by social volume.
This indicates that the dominant narrative surrounding JASMY on social media has become optimistic, which means that positive discussions are now outweighing negative ones. This can attract new buyers and reinforce existing holder conviction.
Combined, these metrics paint a picture of increasing fundamental support, coupled with a strengthening positive market perception. These are strong indications of potential upward price momentum for JASMY.
JasmyCoin (JASMY) Shows Promising Signs of Recovery and Bullish Momentum
On JASMY’s daily chart, a nearly 25% growth was recorded this week, indicating a potential break from its short-term bearish trend. At the time of writing, JASMY was trading at $0.01334, with most technical indicators suggesting further upward movement.
The MACD recently showed a bullish cross, and its histogram has turned green, confirming rising momentum “AO” has also turned green, as bulls enter the JASMY market.
Also, the short-term bullish sentiment is supported by the RSI’s rebound from oversold territory, flipping the 14-SMA smoothed line to 48.23. Meanwhile, the Chaikin Money Flow indicates increasing money inflow, recovering from June’s low of -0.20 to -0.06.
Similarly, an analyst named Nology shares this short-term bullish outlook, predicting an Elliott wave’s first impulsive wave in the coming weeks,
