JasmyCoin price Bull Rally Ignites as Exchange Liquidity Dries Up

JasmyCoin price bullish comeback on Monday and Tuesday reflects momentum across altcoins even as majors such as Bitcoin (BTC) and Ethereum (ETH) struggle below key resistance levels.

The cryptocurrency originating from Japan aims to democratize data through IoT and blockchain. JasmyCoin seeks to control users’ personal data, allowing them to monetize information. Compliance with Japanese regulations gives JASMY a competitive edge.

JasmyCoin Price Market Movers: Dwindling Supply On Exchanges and Rising Supply Outside Of Exchanges

• JasmyCoin price hovered slightly above $0.20 during the American session on Tuesday. In addition to the bullish technical structure, on-chain insights from Santiment signaled stronger fundamentals. The chart indicates a notable decline in JasmyCoin supply held on exchanges from 12.1 billion tokens in February 2024 to only 10.42 billion. This suggests a tightening supply, potentially reducing downward pressure on JASMY price.

• On the other hand, Supply outside of exchanges is rising to 10.36 billion JASMY, affirming that investors have high hopes for the IoT token’s ability to recover and post commendable gains in weeks and months.

• In other news, all eyes are on the Federal Reserve ahead of the central bank’s Chair, Jerome Powell’s speech at the Jackson Hole Symposium in Wyoming. Experts do not expect Powell to deviate from his remarks after July’s FOMC meeting. However, he is likely to emphasize the decision by Fed officials to cut interest rates in September—a move that could significantly benefit risk assets like stocks and crypto.

JASMY Price Analysis: On The Cusp Of Breaking Out

JasmyCoin price will increase alongside other altcoins and Bitcoin price if Powell’s speech appeases investors who decry low liquidity in global markets. A four-hour green candle is poised to push JASMY above the trend line resistance, increasing the probability of movement to $0.025 and even $0.03.

The Bollinger bands squeeze in the short-term range, indicating an upcoming breakout. Contracting Bollinger Bands is a precursor to increased volatility and a potential breakout in either direction.

A bullish outcome is highly feasible with JasmyPrice holding above the 20-day and the 50-day Exponential Moving Averages (EMAs). After the breakout and retest of the trend line, more buy orders will follow, with stop loss placed slightly below the same level to manage risk. Traders will look forward to potential targets at the 200-day EMA ($0.0235), $0.026 and $0.3.

Traders must be open to breakout on either side, as signaled by the Bollinger bands. Besides, a descending trend line in the same range may result in another downswing below $0.019 support to $0.015.

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John Isige

John is a seasoned crypto expert, renowned for his in-depth analysis and accurate price predictions in the digital asset market. As the Price Prediction Editor for Market Content at CoinGape Media, he is dedicated to delivering valuable insights on price trends and market forecasts. With his extensive experience in the crypto sphere, John has honed his skills in understanding on-chain data analytics, Non-Fungible Tokens (NFTs), Decentralized Finance (DeFi), Centralized Finance (CeFi), and the dynamic metaverse landscape. Through his steadfast reporting, John keeps his audience informed and equipped to navigate the ever-changing crypto market.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.