Overview
JasmyCoin (JASMY) has been riding the wave of optimism in the cryptocurrency market, buoyed by the recent surge in Bitcoin (BTC). JASMY has climbed to a peak of $0.0044, its loftiest level since June 2022, experiencing an impressive 50% increase from this year’s nadir.
Other digital tokens, such as Mina, Pepe, Gala, and Sui, have also joined the upward trajectory.
Market Drivers
Bitcoin’s Influence
Bitcoin’s robust performance has played a pivotal role in the strength of Jasmy and other altcoins. BTC has touched its zenith since May 2022, reaching $37,000, a notable 50% surge from its September low and a remarkable 137% leap from its November 2021 trough.
Bitcoin’s breakout above the bullish pennant pattern, a highly auspicious signal in price action analysis, further substantiates its bullish outlook.
Sentiments and Volatility
Jasmy’s ascent has been fueled by the rise in the fear and greed index to a greed reading of 74. Historically, cryptocurrencies thrive in times of heightened investor optimism.
Conversely, the VIX index, a measure of market volatility, has plummeted to $14.45, its lowest mark since September 2020, tracking a decline of over 37% from its October peak.
The VIX index provides insights into the risk perceptions of investors, as it gauges the option pricing of the S&P 500. Its recent decline aligns with the ongoing rally in American equities.
Technical Analysis
The daily JASMY chart reveals a bullish trend over the past several weeks, with a notable rise from $0.0030 to $0.0045.
- JASMY has breached the descending trendline present since May 2022.
- It has ascended above the 50-day and 25-day Exponential Moving Averages (EMA).
- The Relative Strength Index (RSI) and the Stochastic Oscillator have surpassed the overbought level.
The bullish outlook for JASMY remains intact, with $0.0051, the May 19th peak, serving as a potential target. This would represent an increase of over 15.81% from the current price.
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