JasmyCoin price staged a strong comeback since last week, and on-chain metrics point to a surge. JASMY, commonly known as Japan’s Bitcoin, jumped to a high of $0.016, its highest point since May 30th, and 52% above its June lows.
JASMY Price Boosted by Tumbling Exchange Balances
The JasmyCoin price has rebounded primarily due to the ongoing crypto market rally, which has pushed Bitcoin to an all-time high. This surge also explains why other altcoins like Cardano and Litecoin have soared.
On-chain metrics indicate that the JASMY price has more upside potential during the ongoing crypto bull run. Data shows that the supply of JASMY on exchanges has plummeted to the lowest level since April 2022.
There are now 10.9 billion JASMY tokens on exchanges, much lower than the last 12-month high of over 15 billion tokens. That is a sign that investors are not selling their tokens, and are instead moving them to self-custody.
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At the same time, data shows that whales have continued to accumulate the JASMY token. The percentage of the total supply held by whales with more than $5 million soared to over 53%, the highest point since June 6 of this year.
Therefore, a combination of exchange outflows, rising whale holdings, and futures open interest points to an eventual Jasmy price surge in the coming weeks.
A potential catalyst for the Jasmy price surge is the ongoing Janction testnet. Junction is a layer-2 network that seeks to complement the Jasmy Layer-1 network.
Its goal is to be a major player in the artificial intelligence and DePIN Industries, allowing users to own, trade, and manage data. In a major update, Chainlink announced that it had expanded to the network.
JasmyCoin Price Technical Analysis
The daily chart shows that the JASMY price bottomed at $0.0083 in April and then rebounded to its current level of $0.016, its highest point since June of this year.
JasmyCoin price has moved above the ascending trendline that connects the lowest swings since April. It moved above the 50-day Exponential Moving Average (EMA).
JASMY has formed a slanted double-bottom pattern, with its neckline at $0.021, its highest point in May.
Therefore, the token is likely to continue rising as bulls target the neckline at $0.021, representing an increase of over 33% from the current level. A break above that level will point to more gains, potentially to the 50% retracement level at $0.03369.
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