Jasmy Price Short Squeeze Gets Underway. Here’s Why

Jasmy price started the year well as investors bought the coin’s dip. The token surged to a high of $0.0037, which was the highest level since December 16. It has jumped by more than 32% from the lowest level in 2022. According to CoinMarketCap, Japan’s Bitcoin has a total market cap of over $167 million, making it the 125th biggest crypto in the world. 

Japan’s Bitcoin makes a comeback

Jasmy price has staged a strong comeback as volume rose sharply. Data shows that trading volume has risen by more than 65% in the past 24 hours to $131 million. Most of this volume is in centralized exchanges like Binance, KuCoin, and Coinbase. DEX exchanges have seen little trading volume having processed $112k in the same period.

It is not clear why Jasmy price is surging. However, there is some speculation that the rising momentum is because of upcoming news in the ecosystem. In the past, we have seen cryptocurrency prices surge ahead of a major announcement. This happens because PR companies tend to send embargoed news to the media before the announcement. These people, together with insiders, then pump the price higher towards the release and then dump it afterward.

A key speculation is that Jasmy could ink a major partnership with Sony, one of the biggest entertainment companies in the world. It is unclear whether the announcement will come and the details involved. Still, it is a possibility because Jasmy’s founders were senior officials in Sony Group. As such, it is possible that the companies will consider exploring ways to partner.

For starters, Jasmy is a platform that focuses on data storage and security. It champions the democratization of data using Internet of Things (IoT). When used well, Jasmy ensures that people are able to safeguard their data well. It uses a few important technologies like the Personal Data Locker, Secure Knowledge Communicator, and Smart Guardian among others.

Jasmy price prediction

The four-hour chart shows that the JASMY price has made a strong short squeeze in the past few days. It has managed to surge from a low of $0.0027 to a high of $0.0037. The coin moved above the important resistance point at $0.0032, the highest point on December 18. As it rose, Jasmy moved above the 25-day and 50-day moving averages while the Relative Strength Index (RSI) has been in a steady upward trend.

Therefore, in the short-term, I suspect that Jasmy will continue rising as buyers target the key resistance at $0.0040. However, I also believe that the coin will have a pullback in the next few days. If this happens, it will retest the support at $0.0032. 

Jasmy price