JASMY Coin Price Hits Major Resistance After Breaking Above 200 MA
Jasmy Coin price has been making waves in the cryptocurrency market for the past few weeks as it retests its July highs after a remarkable 45% gain. This surge can be attributed to the bullish momentum in Bitcoin which has also seen an impressive 35% increase from its October lows.
This price action is being driven by the anticipation of the approval of the spot Bitcoin ETF by the SEC, which will increase institutional participation in the cryptocurrency market.
Jasmy coin is built up on the Ethereum blockchain and is a native asset of the Jasmy platform. The project’s primary objective is to allow people to control the use of their own personal data, allowing them to share it if companies are willing to pay for it.
When the coin debuted in October 2021 on Coinbase, the coin’s market cap reached a staggering $1 billion as the JASMY coin price reached 28 cents. However, those levels have never been revisited.
Coingecko has placed Jasmy Coin at 179th rank in the crypto market with over $205.6 million in market capitalization. The crypto coin has over 50 billion coins in total supply, with over 48.4 billion in circulation.
Jasmy Coin Price Prediction
Due to the bullish price action of bitcoin at the end of October, Jasmy coin price has gained over 41% from its October lows, shifting its overall outlook to bullish. Technical analysis also shows that the Jasmy coin has broken above its 200 MA, which indicates that the momentum is with the bulls.
The chart below shows Jasmy facing major resistance from $0.0043, a previous support level. A break above this will contribute to the bullish Jasmy coin price prediction, with the first bullish target being a retest of the middle of the macro trading range, around the $0.0056 level.
However, a breakdown under the 200 MA might force the Jasmy crypto to flip extremely bearish due to rejection from the resistance level of $0.0043.
Side by side, the JASMY/BTC pair is also attempting to reclaim the 0.00000012 support-turned-resistance level. A weekly closure above this key level will turn the US dollar pair of JASMY very bullish, as a reclaim of this level can send JASMY 20% higher in terms of Bitcoin.