NOIDA (CoinChapter.com) — JasmyCoin experienced a significant rally recently, largely due to a mix of market sentiment, technical indicators, and the old favorite: speculations. The rally resulted in a slew of social media posts sharing JasmyCoin price predictions, most of them bullish.

Notably, the “Bitcoin of Japan” reached its highest price since May 10th, driven by the cryptocurrency market’s bullish trends. Moreover, since ex-Sony executives founded Jasmy in 2016, rumors of a potential collaboration with Sony have always been popular.

To date, neither Sony nor Jasmy has released any statement mentioning a partnership, collaboration, or even an acknowledgment of each other’s existence. The surge in the token’s price highlights the volatile nature of the crypto market, making JasmyCoin price prediction more speculative than factual.

Factors Behind the Rally

The overall bullish sentiment in the cryptocurrency market, propelled by Bitcoin’s performance following the spot Bitcoin ETF approval, set a favorable stage for JasmyCoin. Traders on social media platform X shared “strongly bullish” price predictions for the JasmyCoin token.

One reason behind JasmyCoin’s price surge could be a bill that the Japanese government recently approved, which would allow venture capital firms to invest in crypto asset tokens and firms.

Several traders shared posts claiming that JASMY’s price could soon reach $0.025 or $0.03 within “the next 36 hours.”

Moreover, the spike in trading volume likely comes from users jumping onto the JasmyCoin bandwagon after bullish price predictions for the token landed on social media.

Yet, not everyone is bullish on the JASMY’s price prediction. Some traders shared social media posts, wondering what cues were responsible for the token’s recent rally.

JASMY Price Prediction: Corrections Likely As RSI Goes Overbought

Meanwhile, JASMY price’s latest bull run pushed its relative strength index into the overbought region, with a score of 95.68 on the daily charts. RSI is a momentum indicator measuring asset price movements to identify overbought or oversold conditions.

Traders often consider an overbought RSI level a bearish signal since the occurrence usually precedes a bearish reversal or consolidation phase for the underlying token. As such, JasmyCoin price prediction could be a bearish one, with a risk of dropping to the support near $0.015 if the current rally pulls back.

Moreover, a break below the immediate support might result in JASMY price testing the support near $0.0107.

Conversely, if the rally continues, JasmyCoin price might rally to the resistance near $0.022. Breaking and consolidating above the immediate resistance might help JASMY price target the resistance near $0.027 before retreating.

The post JasmyCoin Price Prediction: With No Tangible Cues For Support, JASMY Risks Imminent Reversal appeared first on CoinChapter.

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Filed under: Bitcoin - @ February 22, 2024 6:06 pm