Jasmy Coin, the cryptocurrency of Jasmy Corporation, a renowned Japanese IoT provider, has recently achieved a significant milestone by surpassing its long-held downward trend line. This breakthrough has attracted considerable attention within the crypto community.
Challenges Before a Bull Run
To sustain a potential bull run throughout the remainder of 2023, Jasmy Coin is expected to experience a price correction to test and reinforce its recent breakout. The 99-day Moving Average, currently hovering around $0.00429, serves as a significant hurdle that needs to be overcome.
Jasmy Coin Price Prediction for 2023 and 2024
The double top pattern, marked by price peaks of $0.008364 on February 8, 2023 and $0.007967 on May 5, 2023, represents the first major challenge for Jasmy Coin. Should the price approach these levels, it could offer a significant earning potential, potentially yielding close to 100% profit.
However, it is crucial to note the strong correlation between the crypto market, including Jasmy Coin, and the price movements of Bitcoin. A decline in Bitcoin’s value could potentially hinder Jasmy Coin’s upward momentum.
Current Market Dynamics
Current market dynamics and technical indicators suggest a cautious optimism for Jasmy Coin’s price trajectory in the months ahead. The recent breakout above the downward trend line and the possibility of overcoming the 99-day Moving Average resistance may pave the way for further growth.
Open Interest in Binance Futures
Open Interest in Jasmy Coin on Binance Futures currently stands at approximately $10.35M, reflecting a notable 7.57% increase over the past 24 hours. This figure has been steadily climbing since August 8, 2023. The long/short ratio of 2.33 indicates a predominance of long traders, a situation that could potentially lead to a temporary pullback to liquidate overextended positions.
About Jasmy Coin
Jasmy Coin plays a crucial role in facilitating data exchange between service providers and users by seamlessly integrating IoT with blockchain technology. Utilizing edge computing and IPFS for data storage, Jasmy emphasizes the democratization of data, ensuring secure protection, ownership, and empowering service providers to leverage user-owned data.
What is IoT?
IoT stands for “Internet of Things,” referring to the interconnectedness of physical devices, vehicles, home appliances, and other items embedded with electronics, software, sensors, and network connectivity. These devices can collect, exchange, and process data over the internet, enabling automation and remote control.
What is IPFS?
IPFS, short for “InterPlanetary File System,” is a peer-to-peer network that stores and shares data across a distributed network of nodes. It ensures data availability, reliability, and security, making it an ideal solution for storing and accessing large amounts of data in a decentralized and resilient manner.
Conclusion
Jasmy Coin’s recent price movements and underlying market dynamics present a complex scenario. While there are promising indications of growth potential, several obstacles need to be overcome to sustain a sustained bull run. Investors and traders are advised to closely monitor Bitcoin’s price and other market indicators to gain insights into Jasmy Coin’s future direction. The current market landscape suggests a measured approach, with the potential for substantial gains if key resistance levels are breached and broader market conditions remain favorable.
Credit and rights: BITboosters