JasmyCoin Soars: Whale Moves, Bullish Sentiment, or Fleeting Hype?
Arslan Butt•Wednesday, February 21, 2024•1 min read
JasmyCoin (JASMY), the token powering Japan’s largest crypto project, has experienced a meteoric rise, surging 99% in the past week and a staggering 133% in the past month. But what’s driving this sudden momentum? Let’s explore the potential reasons and analyze the future outlook.
JASMY Whale Movements Spark Speculation
- Two dormant “whales” recently moved 665.6 million JASMY tokens ($5.36 million) from Coinbase, potentially sparking buying pressure.
- These whales accumulated 1.223 billion JASMY since October 2021, indicating long-term interest despite current losses.
Growing Bullish Sentiment
- Crypto analysts like “The Wolf of Memes Street” predict a rally to $0.30, citing rising interest from Japanese VC investors.
- The recent Japanese government approval for VC investments in crypto projects is seen as a positive catalyst for JASMY, being the largest Japanese crypto project.
- JASMY’s affiliation with DWF Labs, known for influencing crypto price movements, is another potential driver.
JASMY/USD Technical Analysis
- Current price: $0.00115
- Recent surge has broken key resistance levels, indicating a bullish short-term trend.
- However, overbought indicators like RSI suggest a potential pullback in the near future.
- Key support levels lie at $0.008 and $0.007, while resistance sits at $0.012 and $0.015.
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ABOUT THE AUTHOR
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Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.
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