As a seasoned crypto investor with a knack for spotting promising digital assets, this recent surge in JasmyCoin (JASMY) has certainly piqued my interest. Having closely followed its journey since its inception, I must admit that its partnership with IoTeX and the subsequent price action have been quite intriguing.
This week, the price of JasmyCoin soared to unprecedented heights, peaking at its maximum point since 2022, in response to Bitcoin‘s surge, along with the announcement of a partnership with IoTeX.
JasmyCoin, often referred to as Japan’s equivalent of Bitcoin (BTC), was currently being traded at a price of $0.052, representing an impressive increase of 1000% over its lowest point this year.
The impressive rise in the value of the coin can primarily be linked to the historic peak reached by Bitcoin ($104,000 on Thursday), which caused a similar upswing in other digital currencies related to Bitcoin such as Litecoin, Bitcoin Cash, and Ravencoin. These latter cryptocurrencies also saw substantial gains.
Additionally, Jasmy saw a positive impact due to the surge in the count of its users. As reported by CoinCarp, this figure now stands at approximately 80,000, marking an increase from 76,300 in the previous month.
As a crypto investor, I’m excited about Jasmy’s surge following its partnership with IoTeX, a prominent player in the Internet of Things sector. This strategic alliance is set to boost DePIN innovation in Japan, a key market for the crypto industry. It’s not uncommon to see cryptocurrency prices escalate after significant partnership announcements, and I’m optimistic about what this could mean for my investments.
🎉 IoTeX and Jasmy are joining forces to introduce DePIN in Japan!
— ⚡️Smart Crypto News ⚡️ (@SmartCryptoNew1) December 5, 2024
Lately, JasmyCoin has garnered significant popularity among crypto users, propelling its market capitalization to reach an impressive $2 billion. Developed by ex-Sony executives, the platform seeks to bolster data privacy through a combination of blockchain and Internet of Things (IoT) technology.
Jasmy price analysis
Today’s graph indicates that Jasmy has been performing exceptionally well this year, fueled by an increase in the desire for cryptocurrencies. Moreover, it has demonstrated a ‘golden cross’, a significant technical pattern where the 50-day and 200-day moving averages intersect each other.
The coin has also completed a cup and handle pattern, a common continuation signal.
When an investment like Jasmy climbs to its first high point, dips into a gentle trough, and then tries to surpass that initial peak again, we call this pattern a “Cup and Handle.” The recent rise of Jasmy indicates it has moved beyond the upper boundary of the cup, suggesting there could be more growth ahead.
The profit target is calculated by measuring the depth of the cup and projecting that distance above the upper side of the cup. This suggests the coin could rise to $0.075, approximately 50% above its current level. This target aligns with the ultimate resistance of the Murrey Math Lines.
If the price of Jasmy drops beneath the significant support and turning point at $0.03662, the optimistic perspective could prove to be inaccurate.
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2024-12-06 19:27