Can Japan’s Bitcoin Bounce Back Soon?

JasmyCoin (JASMY): Can Japan’s Bitcoin Bounce Back Soon?

JasmyCoin (JASMY) has attracted attention after charting almost 50% gains just two days ago. Can JASMY price make a comeback anytime soon?

The crypto market has been yearning for volatility as large cap tokens continue to make traders and investors wait for gains.

Nonetheless, investors and analysts have turned their attention to mid-cap and small-cap cryptocurrencies that show signs of higher volatility and could offer higher gains. Or could they?

What is JasmyCoin (JASMY)?

JasmyCoin (JASMY) is the 521 ranked coin on CoinMarketCap. JASMY is an ERC-20 token and acts as the main utility token of Jasmy Corporation, an Internet of Things (IoT) provider. 

One of the most notable things about the JASMY token is that among community members the token is commonly billed as Japan’s Bitcoin. One of the reasons why the token is branding itself as the Japanese BTC is because it is combining blockchain and IoT to provide an infrastructure that allows users to use data. 

Jasmy was founded in April 2016 by several former Sony executives. JasmyCoin was launched in Oct. 2021 on the Japanese exchange BITPoint. 

JasmyCoin price down 99.99% from ATH

It wouldn’t be wrong to say that JasmyCoin’s price did start its journey on a pretty high note. However, data from Messari suggested that at the time of writing, JASMY’s price was down 99.99% from its all-time high price of $93.35. 

On Nov. 2, JASMY traded at $0.005202, a 2.12% loss on the daily time frame. A look at JASMY’s one-day price chart showed that after making a local high of $0.0068 on Oct. 30, the token’s price started to make lower highs alongside fading trade volumes. 

JASMY/TetherUS 1D Source: TradingView

Daily RSI presented a more or less equal number of buyers and sellers. However, the Chaikin Money Flow indicator presented that money flows were at the lowest levels with hardly any money flowing in. 

JASMY price would have to clear the $0.0067 resistance before bulls can aim for further gains. In case of a bearish pullback price could revisit the $0.0043 lower price range. 

Has Price Bottomed?

From a technical point of view, JASMY’s momentarily bullish price action seemed to be fading. However, active addresses for JasmyCoin had spiked to 662 on Oct. 31, marking a five-month-high. 

Source: Sanbase 
Source: Sanbase 

Additionally, while the token’s short-term MVRV was positive, it seemed to have topped and could be due for a reversal if price dips any further. 

Source: Sanbase 
Source: Sanbase 

JASMY’s trade volumes as per CoinMarketCap were $141 million, a 5.17% drop over the last day. 

Nonetheless, analysts on crypto Twitter made bullish predictions about JASMY’s price action. Pseudonymous crypto analyst, Captain Faibik, noted that JASMY had bottomed out and could be ready to bounce. 

According to the analyst, the price has made a falling wedge pattern on a one-day chart as whales have accumulated. The analyst has also noted a bullish RSI divergence on the token’s price chart.

However, whether the token’s price in fact sees a breakout remains yet to be seen.

Disclaimer: BeInCrypto strives to provide accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. You comply and understand that you should use any of this information at your own risk. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.

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