JasmyCoin Price Surges 10% Building Recovery Momentum as Whale Accumulation Boosts Sentiment

Highlights:

• The JasmyCoin price has increased by 10% to trade around the $0.0059 mark today.
• The Santiment data signals whale accumulation of the JASMY token, which may cause further upside. 
• The technical picture indicates JASMY bull’s eye $0.0069 as momentum indicators show early bullishness. 

JasmyCoin (JASMY) is riding its profits and is trading at $0.0059, marking a whopping 10% increase today. The positive action is reinforcing the bullish position, as Santiment data suggests the presence of some whales constructing JASMY tokens. Technically, JASMY has more room to grow, as bullish indicators stabilize.

The Supply Distribution data provided by Santiment suggests a positive future for the JasmyCoin price. This is because some whales are purchasing JASMY at the current low prices. The measurement shows that the whales with a range of 10 million and 100 million tokens (blue line) have earned 140 million Jasmy tokens since Monday. Shed 30 million tokens of 1 million and 10 million JASMY tokens (yellow line) have been sold at the same time. This demonstrates that the initial group of whales used the chance and hoarded JasmyCoin at a discount.

Notably, the Coinglass derivatives data show a positive outlook. The JASMY open interest has soared 26% to $22.80 million. This indicates growing investor confidence, as new money is flowing into the JASMY market. Additionally, its volume has increased by 131%, indicating heightened market activity. This recent outlook could trigger further upside in the JasmyCoin price.

JasmyCoin Price Eyes $0.0069 Zone

The chart shows JASMY’s price action over the past several months, and it’s been a rollercoaster. After a solid uptrend hitting the $0.02 highs, the price took a dip, testing and breaking below the 200-day and 50-day Simple Moving Averages (SMAs). 

However, recent price action has flipped the script. The JasmyCoin price has recently surged 10% and aims at the immediate resistance at $0.0069, which aligns with the 50-day SMA. Zooming into the chart, a falling wedge pattern is observed, from which the price usually breaks out to the upside. JASMY is currently testing the upper boundary of the wedge, and if it manages to break out, paired with the recent gains, it could signal the bulls are back in complete control. 

The Relative Strength Index (RSI) is at 45.73, a slight rebound from recent oversold conditions. Moreover, the purple line is facing upward, signaling that buying momentum is rising and more gains could be ahead.

Looking ahead, if JASMY breaks and holds above $0.0064-$0.0069, it could end up triggering a short-term recovery to the upside. A break past $0.0069 might then send it cruising toward $0.0098-$0.01, where the long-term resistance camps. 

However, traders will want to watch out for a pullback if the price faces rejection at the 50-day SMA. In such a case, support lies around $0.0048, and a deeper dip could test $0.0040 recent lows. Although the crypto market’s volatility is unpredictable, JASMY’s current momentum and technicals signal a potential recovery. For the next few weeks, the JasmyCoin price may begin a steady climb if the trend holds, potentially hitting $0.0069-$0.01 levels.