- JASMY, the native token of Jasmy Coin, has displayed conflicting technical indicators on its daily chart.
- Jasmy Coin adoption has witnessed a surge in recent times, with notable exchange listings, NFT marketplace partnerships, and collaborations with prominent organizations.
Overview
Jasmy Coin, an Ethereum-based digital asset tailored for data security and sharing services within the Internet of Things (IoT) ecosystem, experienced a decline over the past six weeks, contrasting with its impressive rally in the final quarter of 2021.
The token had witnessed a remarkable 1,778% growth in October, reaching a peak of $0.33 on November 3rd. However, since then, it has been undergoing a period of consolidation.
As of this month, the token has incurred a loss of approximately 47%, with its price struggling to maintain above $0.08. Despite this, JASMY presents both bullish and bearish indications.
Bullish Hints
Technically, JASMY formed a chart pattern known as a ‘Falling Wedge,’ which is generally interpreted as a bullish reversal setup. This formation consists of two downward-sloping trendlines that converge, narrowing the price action and diminishing price fluctuations as the wedge progresses.
JASMY has nearly completed the formation of this wedge pattern, and its breakout from the resistance could signal the start of a new upward trend.
Furthermore, the declining trading volume suggests a HODLing sentiment among traders. If they opt to retain their JASMY instead of selling, it could lead to a price increase.
Another positive indicator is the statistic from Coinbase, which reveals that 74% of JASMY traders purchase the coin while only 26% sell, supporting the bullish holding premise.
Bearish Hints
Despite these positive signs, JASMY also displayed bearish indications.
The token formed a bearish ‘Death Cross’ on its daily chart, a technical formation that occurs when the 20-day exponential moving average (EMA) falls below the 50-day EMA. This pattern is often interpreted as a signal of further declines.
The Death Cross is not a direct cause of price fluctuations but rather a reflection of past price movements. However, once this pattern materializes, it can be challenging for bullish forces to reverse it.
Additionally, the ongoing consolidation phase in the broader cryptocurrency market could hinder JASMY’s bullish efforts. The total crypto market cap has experienced a decline of 16% since the beginning of the month, hovering around $2.25 trillion. If this consolidation persists, with leading coins continuing to face double-digit losses, JASMY may encounter difficulties in rallying.
Adoption Growth
Amidst the market headwinds, Jasmy Coin has witnessed notable developments in terms of adoption.
The company has announced its collaboration with Nippon Travel Agency, becoming the first decentralized blockchain-based digital asset to venture into the tourism industry.
JASMY will leverage its IoT and blockchain technologies to enhance Nippon Travel Agency’s operational efficiency and support their digital transformation.
Additionally, Jasmy Coin’s integration into the Sakura NFT marketplace, operated by XRoad, underlines its importance within the growing NFT market infrastructure.
JASMY’s exchange listings have also increased recently, with Crypto.com, one of the leading crypto exchanges by trading volume, announcing its JASMY listing on December 9th.
With its growing adoption and bullish technical setup, JASMY bulls may ultimately prevail despite the bearish signals on the charts.
If and when the crypto market recovers and experiences a broader uptrend, JASMY is likely to follow suit and embark on a new upward journey in the coming weeks or early 2022.
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