- JasmyCoin rallied over 25%, reaching $0.03238.
- The daily trading volume of JASMY has surged by over 437%.
After a long stretch of bearish pressure, Bitcoin (BTC) bounced back to the $104K mark, while altcoins experienced a mixed bag of results. Among them, JasmyCoin (JASMY) stole the spotlight with a 24-hour jump of 25.37%.
JASMY opened the day trading at a low of $0.02585 and has tested multiple resistances at $0.02994 and $0.03176. Eventually, the asset hit a daily high of $0.03392. With the critical resistance ahead, a breakout could ignite the next leg of the rally.
At press time, JasmyCoin trades at $0.03238, with its market cap reaching $1.59 billion. In the interim, the daily trading volume of the asset has touched $539 million. Particularly, during this period, the market saw a liquidation of $767.61K in JASMY.
On the other side, JasmyCoin has gained over 14.12%, exposing its bullish momentum. The asset kickstarted the week at $0.02789. As days progressed, the coin chose to trade on both the downside and upside.
Will JASMY Keep Gaining Ground?
JASMY’s four-hour price pattern appears to be bullish. Hence, the asset’s nearby resistance be found at $0.03428. With continued gains, the asset could lead the price to support the ongoing bullish trend. JasmyCoin might target the next crucial range between $0.03648 and $0.04023.
Assuming the appearance of bears might pose substantial risks, the JASMY price may backpedal toward $0.03024. A sustained slide from $0.02874 could likely send the asset crashing back to its former lows around the $0.025 range.
The Moving Average Convergence Divergence (MACD) line of JasmyCoin has crossed over the signal line. This indicates the bullish crossover and further upward momentum in the asset’s price. It’s an opportunity to enter long positions.
In addition, the Chaikin Money Flow (CMF) indicator settled at -0.02, suggesting a negative money flow in the market, and the selling pressure outweighs the buying pressure. Meanwhile, JASMY’s daily trading volume has increased by over 437%.
Moreover, the asset displays the short-term 9-day moving average above the long-term 21-day moving average. Also, JasmyCoin’s daily relative strength index (RSI) stays at 67.81 suggesting the upper range of its momentum and approaching the overbought zone.
Disclaimer: The opinion expressed in this article is solely the author’s. It does not represent any investment advice. TheNewsCrypto team encourages all to do their own research before investing.
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