The Rising JasmyCoin: A Bullish Prediction as Exchange Liquidity Dwindles
JasmyCoin has experienced a significant surge in price, with its value gaining traction from its $0.0188 support level as the supply on exchanges has decreased. This increase in value has instilled confidence in investors regarding JASMY, particularly as the supply outside of exchanges continues to rise.
The recent bullish resurgence of JasmyCoin reflects the overall momentum in the altcoin market, despite the challenges faced by major cryptocurrencies such as Bitcoin and Ethereum. Originating from Japan, JasmyCoin’s objective is to democratize data through the use of IoT and blockchain technology, with a focus on granting users control over their personal data in order to monetize information. Compliance with Japanese regulations positions JASMY advantageously in the market.
Market Analysis: Decreasing Exchange Supply and Increasing Off-Exchange Supply
JasmyCoin’s price currently stands slightly above $0.20, with on-chain insights from Santiment indicating robust fundamentals for the cryptocurrency. The reduction in JasmyCoin supply held on exchanges, from 12.1 billion tokens in February 2024 to 10.42 billion, suggests a tightening supply that could alleviate downward pressure on the price of JASMY.
On the contrary, supply outside of exchanges is on the rise, reaching 10.36 billion JASMY tokens. This increase in off-exchange supply signifies that investors hold high expectations for JasmyCoin’s potential recovery and substantial gains in the forthcoming weeks and months.
JASMY Price Assessment: On the Verge of a Breakout
JasmyCoin’s price is poised for an upturn, especially if Federal Reserve Chair Jerome Powell’s address at the Jackson Hole Symposium in Wyoming allays concerns among investors regarding low liquidity in global markets. Should Powell emphasize the decision to cut interest rates in September, this could significantly benefit risk assets such as stocks and cryptocurrency.
The cryptocurrency is also on the brink of a breakout, with a four-hour green candle positioned to propel JASMY above trend line resistance, potentially leading to movement to $0.025 and even $0.03. Additionally, the Bollinger Bands squeeze in the short-term range indicates an imminent breakout and increased volatility.
Potential targets at the 200-day EMA ($0.0235), $0.026, and $0.3 are being anticipated by traders, with a bullish outcome seen as highly plausible. However, traders must be prepared for a potential breakout in either direction, as signified by the Bollinger Bands, and be ready for potential downswings in the market.
Frequently Asked Questions (FAQs)
1. Why is JasmyCoin bullish?
Investor confidence in JASMY is increasing due to the decrease in supply on exchanges and the rise in supply outside of exchanges, indicating robust fundamentals and potential for price appreciation.
2. How far can JasmyCoin rally in August?
JasmyCoin has the potential to rally to $0.025 and even $0.03 if the bullish momentum continues and market conditions remain favorable.
3. Why is JasmyCoin a good buy?
The decrease in supply on exchanges and the increase in off-exchange supply signal positive investor sentiment and potential for price gains, rendering JasmyCoin an appealing investment opportunity.
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