JasmyCoin (JASMY) Soars 20%: Will This Uptrend Continue or Will Profit-Taking Occur?

JasmyCoin (JASMY) has experienced a significant surge in value, rising 20% from its opening price. This article explores whether the current bullish trend will sustain or if traders will start taking profits.

Key Takeaways

JasmyCoin opened the day at $0.007563 and surged to a high of $0.01006.
Currently, the price is around $0.009142, with a market cap of approximately $445.84 million.
Daily trading volume has increased by over 557.90% to reach $234.61 million.
Technical indicators suggest a bullish trend, although there are signs of potential pullbacks.

JasmyCoin (JASMY) Soars 20%: Will This Uptrend Continue or Will Profit-Taking Occur?

Current Trading Status of JasmyCoin

On the trading day, JasmyCoin started at a relatively low price of $0.007563. Following a bullish wave, it successfully broke through significant resistance levels between $0.0076 and $0.0099, ultimately reaching a peak of $0.01006. If this upward momentum continues, the price may climb to new targets.

As of the latest data from CoinMarketCap, JasmyCoin is trading around the $0.009142 area, with a market capitalization estimated at $445.84 million. In addition, there has been a remarkable 557.90% increase in daily trading volume, bringing it to $234.61 million.

Potential for Sustained Growth

JasmyCoin’s recent trading activity reflects a prevailing shift toward buyers, with prices advancing and facing key resistance near $0.009547. If buying momentum continues, we might see a golden cross, potentially pushing the price to $0.009987 or higher.

Conversely, if a bearish trend develops, there could be a risk of pullback, and the price of JasmyCoin might drop to support levels around $0.008739. A prolonged downward correction could lead to a death cross that drives prices down to around $0.008311.

JASMY chart (Source: TradingView)

Technical Indicators and Market Sentiment

Analyzing the technical aspects of JasmyCoin, the Moving Average Convergence Divergence (MACD) shows a positive shift as the MACD line has crossed above the signal line. This indicates potential for further price increases in the near term.

The Chaikin Money Flow (CMF) indicator stands at 0.13, indicating moderate buying pressure, which means money is flowing into JasmyCoin at a higher rate than it’s flowing out. This trend is a positive sign, suggesting that accumulation is in play, bolstering the bullish outlook.

Meanwhile, the Relative Strength Index (RSI) is positioned at 70.27, indicating that the asset is in overbought territory. This suggests significant buying activity, although a short-term pullback may occur if the RSI remains above 70. Additionally, JasmyCoin's Bull Bear Power (BBP) is at 0.00160, showing a slight edge in favor of bulls and control over price movement. The current sentiment is cautiously optimistic, indicating an early bullish phase.

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