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JasmyCoin (JASMY) reached approximately $0.267 with a significant 10% price increase in the last 24 hours. This price surge is attributed to the recent partnership between Jasmy and NOWPayments, enabling businesses in Japan to accept JasmyCoin as payment. Additionally, the recent price increase of JASMY is influenced by Bitcoin’s price revival driven by whales accumulating the asset, expecting the correction phase to end.
Positive Outlook for JasmyCoin
JasmyCoin is known for its reactive nature to market movements. Following hints of Bitcoin’s recovery, JASMY recorded a 10% increase. Currently, JASMY’s price is hovering around the 21-day and 50-day levels but remains below the 200-day Simple Moving Average (SMA), indicating a neutral stance with equal support and resistance levels. JASMY last traded below the 200-day SMA in January, generally indicating a bullish outlook.
Recently, JASMY’s price returned to a consolidation zone after reaching a new yearly high. Despite the bearish outlook during the market-wide downturn, the recent Bitcoin recovery and partnership news pushed JASMY’s price to retest the upper boundary of the consolidation zone. This is a critical point for JASMY’s price outlook because a rejection at this level could lead to a downward move to as low as $0.016, well below the 200-day SMA support.
However, continued Bitcoin gains could increase the altcoin‘s gains, potentially breaking above the consolidation range and rising 97% from the current price to $0.055. Key resistance thresholds on the upward path include $0.04 and $0.051.
Technical Indicators Signal Bullish Trend for Altcoin
Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) technical indicators show a trend reversal from bearish to bullish for JASMY. Currently at 50.87, the RSI confirms the uptrend that started on July 6 following Bitcoin’s crash.
Moreover, the indicator points upwards, indicating increasing buying momentum for JASMY. The RSI also crossed above its moving average on July 9, signaling the start of an uptrend. The last time this occurred, JASMY rose for a month, gaining a total of 148% in value.
Additionally, the MACD indicator confirmed the trend reversal from bearish to bullish in the daily timeframe.
