The Jasmy Coin price has been in a tight range in the past few weeks as demand for the coin waned. JASMY was trading at $0.0085 on Wednesday, where it has been in the past few weeks. This price is about 97% below its all-time high, giving it a market cap of over $40 million.
Jasmy is a relatively small blockchain project from Japan. It was created by former senior executives at Sony, the second-biggest company in Japan after Toyota. The goal of the blockchain platform is to help companies and users manage their data well.
Recently, the developers have also moved to other industries as well. For example, the developers announced that they will release their first fan token on Friday this week. The fan token will be for Sagan Tosu, a football club that Jasmy sponsors. Sagan Tosu is one of the biggest football clubs in Japan. It ended last season at position 7 in the domestic league.
Therefore, the launch of the fan token could be a catalyst for the JasmyCoin price since it is the first mainstream product that uses its blockchain technology. The fan token industry has grown rapidly in the past few months, with the market cap of all coins rising to over $400 million.
The chart below shows that the Jasmy Coin has been under intense pressure in the past few weeks. Along the way, the coin has formed an ascending channel that is shown in black. It has also moved below the 25-day and 50-day moving average and below the lower side of this channel. Also, the MACD has moved below the neutral point.
Therefore, the Jasmy Coin price will likely continue falling as sellers target the next key support at $0.0080. A move above the resistance level at $0.0088 will invalidate the bearish view.
This post was last modified on Sep 07, 2022, 10:22 BST 10:22