- Jasmy crypto price has continued soaring in the past few weeks.
- Shorts liquidations on Sunday surged to the highest point in months.
- The coin is also seeing high social media activity.
JasmyCoin price continued its bullish trend this week as shorts liquidations soared. The coin jumped to a high of $0.0075, the highest it has been since September 19. It has been in a spectacular comeback that has seen it jump by over 165% from its lowest level in 2022.
Shorts liquidations rise
For starters, Jasmy is a relatively small cryptocurrency with Japanese origin. It was created by a team of high experienced individuals who worked for Sony, as I wrote here. The platform aims to safeguard user data using blockchain technology.
There have been no major Jasmy news recently. A likely reason for the strong performance is that the coin is trending in both CoinMarketCap and other social media platforms like StockTwits and Twitter. This probably means that the coin is having momentum. As I will note in the technical analysis below, the coin’s volume has been rising.
Another possible reason for the JasmyCoin price comeback is that short have increased their liquidations in the past few days. On Sunday, shorts liquidations across Binance, Bybit, and Bitfinex soared to over $407k compared to longs liquidations of $163k. The short's liquidations was the highest it has been in months.
We saw significant liquidations in January when most cryptocurrencies like Litecoin and Ethereum increased. In most periods, short liquidations tend to lead to higher crypto and stock prices. However, as shown below, longs liquidations have inched upward in the past few days.
Another reason why Jasmy price has jumped is because of the rising demand for artificial intelligence and big data cryptocurrencies. As I wrote earlier, The Graph, which is a query network has soared in the past few days. Similarly, coins like SingularityNET’S AGIX, Measurable Data Token (MDT), Ocean Protocol, and SingularityDAO’s SDAO have jumped.
JasmyCoin price prediction
On the 4H chart, we see that Jasmy’s volume has jumped in the past few days. It remains substantially higher than where it was last week. The coin managed to move above the important resistance at $0.0058, the highest point on January 24 and February 2.
Jasmy has also jumped above the black ascending trendline and the 25-day and 50-day moving average. A closer look shows that JASMY is forming what looks like a small double-top pattern at $0.0075. Therefore, while the bullish trend will likely continue, there is also a possibility of a bearish breakout below the neckline at $0.0065.
Contributors
