JasmyCoin price went parabolic this week as investors piled into Bitcoin alternatives after the biggest coin in the industry blasted past the $100k mark. Jasmy, often named the Japan’s Bitcoin, soared to a high of $0.0590, its highest swing since January 2022. It has jumped by over 963% from its lowest point this year.
Why did JasmyCoin price surge?
Jasmy, a popular Japanese cryptocurrency, has been one of the best-performing coins in the past few weeks. It has jumped by over 200% in the past 30 days, bringing its market cap to over $2 billion for the first time ever.
JasmyCoin’s rally happened because of the strong rally made by Bitcoin this week. It crossed the important resistance level at $100,000 for the first time on Thursday. It then accelerated the uptrend, reaching an all-time high of near $104,000.
Bitcoin’s rally triggered interest in other related coins. For example, Ravencoin jumped to a high of $0.0358, its highest level since April this year. Similarly, Litecoin, a popular Bitcoin hard fork, jumped to $147, higher than the year-to-date low of $50.
Jasmy price has also jumped as the number of its holders has uncreased in the past few weeks. It now has almost 80,000 holders, much higher than the 76.3k it had a month ago. An increase in the number of holders is a sign that the coin is gaining more traction. Most of Jasmy’s holders are in Binance, followed by Bybit and MEXC.
JasmyCoin also soared after the developers teamed up with IoTeX, a move that is intended to bring Decentralized Physical Infrastructure Network (DePIN) to Japan. IoTex is one of the leading IoT networks in crypto with a market cap of $572 million.
Like other coins, Jasmy has also rallied because the crypto industry has moved to the altcoin season. The altcoin season index has moved to 85, meaning that most coins are doing better than Bitcoin. The crypto fear and greed index has moved to the extreme greed zone.
Jasmy price forecast
The daily chart shows that the JASMY price has been in a strong bullish trend in the past few months. It recently moved above the key resistance level at $0.04466, its highest level in June this year.
Jasmy has moved above the upper side of the cup and handle pattern, a popular bullish continuation pattern. A C&H pattern is a situation where an asset forms its first peak, then drops gradually, and then starts rising gradually.
Jasmy has also formed a golden cross pattern as the 200-day and 50-day Exponential Moving Averages (EMA) crossed each other.
It has also moved to the top of the trading range of the Murrey Math Lines tool. This means that it has more upside to go to get to the extreme overshoot of $0.085, which is about 67% above the current level.
The depth of the C&H’s cup is about 72%, which means that the coin may jump to about $0.1 if the bullish trend continues. The stop-loss of this trade is at the strong, pivot, reverse point at $0.0366. A drop below that level will point to more downside, potentially to the oversold level at $0.01831
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