Jasmy Coin breaks its descending trend line, signaling potential for a bullish trend amidst technical barriers like a double top pattern and long-term indicators.
Key Points
- Price disparity in CYBER token observed between Upbit and other exchanges on August 31, 2023, due to exclusive Upbit support for CYBER (ERC20).
- Surge in CYBER token borrowing led to Binance activaticng risk management protocol, suspending new loans and increasing interest rates.
- Binance takes measures, including dynamic interest rate adjustments, stricter risk management, risk warnings, and a second confirmation step.
- Binance compensates affected users, distributing USDT and CYBER tokens based on holdings during the redemption period, and offering CYBER Locked Trial Fund vouchers to other users during the same timeframe.
The cryptocurrency tethered to Tokyo’s IoT service provider, Jasmy Corporation, called Jasmy Coin, has recently caught the attention of technical analysts and market stakeholders. Its recent price actions have signaled potential opportunities and challenges ahead.
You know a coin is hot when other influencers take notice. 😬 $Jasmy https://t.co/VZmLtVKp6e
— 279 (@JasmyPromoter) September 7, 2023
Jasmy Coin Successfully Breaks Descending Trend Line
On August 13, our detailed analysis revealed that Jasmy Coin had successfully breached its descending trend line, which had been intact since May 5, 2023.
This former resistance line has now become a potential support level. However, there are still hurdles to overcome.
As we previously mentioned, anticipating a potential bull run for the rest of 2023, Jasmy Coin was expected to experience a correction to confirm the trend reversal.
On August 17, the wider cryptocurrency market experienced a downturn due to Bitcoin’s shockwaves. Consequently, Jasmy Coin’s valuation dipped below its price levels on June 20.
Nonetheless, the coin showcased resilience by rallying to challenge the descending trend line for the fourth consecutive time.
Currently, Jasmy Coin stands above the descending trend line and hovers near the 99-day moving average (MA), which is around the $0.0039 mark.
If Jasmy Coin manages to sustain above these technical levels, it could potentially set the stage for a bullish trend and offer lucrative returns for traders and investors.
Technical Barriers: Double Top and Long-term Indicators
Jasmy Coin registered two prominent price peaks earlier in 2023. The initial surge peaked at $0.008364 on February 8, and the subsequent one peaked slightly lower at $0.007967 on May 5.
These levels form a classic “double top” pattern, which are crucial resistance zones. Revisiting these levels during a rally could potentially yield returns approaching 100%.
However, traders should exercise caution as cryptocurrencies are unpredictable with their inherent volatility and correlation to Bitcoin’s price fluctuations. A bearish trend in Bitcoin could temper Jasmy Coin’s bullish aspirations.
Another significant technical level to monitor is the 55-week moving average (MA), which marked the climax of Jasmy Coin’s previous bullish cycle. It is currently stationed around the $0.005 mark, representing a pivotal long-term bullish indicator.
Concluding Thoughts
JasmyCoin is at the forefront of integrating IoT and blockchain technologies, aiming to optimize data interchange between service providers and end-users.
Leveraging edge computing and IPFS, JasmyCoin champions data democratization, fortifies data security, endorses user data sovereignty, and enables service providers to utilize user-centric data.
