- Jasmy Coin price has rebounded in the past few weeks and is hovering at its highest point in January.
- The futures open interest, volume, and spot market continued growing.
- The token has formed some bullish chart patterns, pointing to more gains this year.
Jasmy Coin price is pumping today, soaring to its highest point since January 18 this year. It soared to a high of $0.00778, up by 62% from its lowest level this year, bringing its market capitalization to over $370 million.
Why Jasmy Coin Price is Pumping
Jasmy token price has been in a strong rally in the past few days, helped by the ongoing crypto market surge that has pushed Bitcoin price to over $80,000.
The token has jumped because of the ongoing speculation in the crypto industry. This speculation has pushed most tokens much higher, with Venice Token being among the top gainers.
Data shows that Jasmy’s volume has continued rising this month, with the open interest in the futures market rising to over $33 million, its highest level in months. Its volume in the futures and spot markets rose to $133 million and $33 million, respectively.
Soaring volume is a sign of elevated demand. Another sign that Jasmy’s demand is rising is the fact that the supply of these tokens in exchanges has continued falling and is now at the lowest level in years.
The supply dropped to $7.04 billion, down from the March 31st high of 11.51 billion. Falling supply in exchanges is a sign that investors are moving their tokens to self-custody.
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Jasmy Price Prediction: Technical Analysis
Jasmy Coin price chart | Source: TradingView
The daily chart reveals that the Jasmy token price has done well in the past few weeks, moving from a low of $0.00455 in February to $0.0072 today.
This rebound is happening after the token remained inside a narrow range of between $0.0050 and $0.0063, its highest point in February and March this year. It is a sign that the price was in the accumulation phase of the Wyckoff Theory.
The token has moved above the upper side, a sign that it has moved to the markup phase of the Wyckoff Theory. This phase is characterized by the rising demand and the Fear of Missing Out (FOMO).
The token has now moved above the 50-day and 100-day Exponential Moving Averages (EMA), which are nearing their crossover, which is a bullish sign. It has moved above the Supertrend indicator, a sign that bulls remain in control.
The Relative Strength Index (RSI) and the Percentage Price Oscillator (PPO) have continued rising this year, a sign of gaining momentum.
Therefore, the token will likely continue rising as bulls target the next important resistance level at $0.01016, its highest point in January this year, which is 40% above the current level.
On the other hand, a drop below the key support at $0.00638 will invalidate the bullish outlook and point to more downside. The bearish outlook is also backed by the fact that the weighted funding rate has plunged.
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