JasmyCoin Surges to New Heights Amid Market Recovery
JasmyCoin (JASMY) experienced a meaningful price increase on Sunday, hitting its highest point since March 6. the coin, often referred to as “Japan’s Bitcoin,” saw its value soar by 103%, reaching $0.017. This surge comes after the market stabilized, with Bitcoin trading above $84,000.
Several factors contributed to this rebound. On-chain data reveals a rise in active JASMY addresses,which hit 1,307 on Sunday,up from 382 earlier this month. This indicates growing interest in the coin. The Mean Dollar Invested Age (MDIA) also showed a strong uptrend, suggesting long-term investors are holding onto their tokens.
The futures open interest for JASMY, which had dropped to $18 million earlier this month, has now rebounded to $53 million. This increase in futures activity is a positive sign for the coin’s future.
Technically, the price surge followed the formation of a falling wedge pattern on the daily chart. The coin has now broken above key resistance levels, including the 78.6% Fibonacci Retracement at $0.015 and the 50-day moving average.
Analysts predict that jasmycoin could continue its upward trend, targeting the 50% Fibonacci Retracement level at $0.031. However, a drop below $0.0082 would negate this bullish outlook.
JasmyCoin is the native token of a Japan-based blockchain project focused on data privacy and the Internet of Things. Founded by former Sony executives,it complies with Japanese financial regulations,enhancing its appeal in the local market.
