The Jasmy Coin price is crawling back as the Japanese crypto continues to outperform. The token rose to a high of $0.01200, which was the highest level since May 11th. It has risen by more than 52% from its lowest level last week. Its total market cap has risen to about $56 million, making it a relatively tiny cryptocurrency.
Jasmy is a small blockchain project that is in the Internet of Things (IoT) industry. The network’s goal is to ensure that companies are able to safeguard user data. At the same time, the platform ensures that their data is kept in a secure manner.
To achieve this goal, the network has been partnering with many companies in Japan like Japan Travel, Mystiko, Aplix, and Transcosmos. The latter company has developed an application that solves home contact centres’ security and management features.
Like other cryptocurrencies, the Jasmy Coin price declined sharply last week as LUNA imploded. LUNA crashed hard as investors dumped the Terra USD. This decline led to a major crash of all cryptocurrencies, which pushed the crypto market cap to more than $1.2 trillion. So, is this rebound sustainable?
On the 4H chart, we see that Jasmy has been in an overall bearish trend in the past few months. This sell-off continued last week, pushing the coin to a record low of $0.007937. The coin then started bouncing back as the coin formed a morning star pattern. As it rose, it moved above the important resistance level at $0.01173, which was the highest point on May 13th. It has also moved slightly above the 25-day moving averages.
Therefore, the JASMY coin will likely continue with its recovery rally as bulls target the key resistance at $0.015. A drop below the support level at $0.01172 will invalidate the bullish outlook.
This post was last modified on May 16, 2022, 10:05 BST 10:05