The Jasmy Coin is crawling back after it crashed to a multi-week low of $0.0169 last week. The JASMY token is trading at $0.02, which is about 16.92% above the lowest level this month. The rebound is partly because of the developers’ focus on the metaverse. As a result, the coin’s total market value has moved to about $93 million, making it a relatively small cryptocurrency.
Jasmy Coin is the native cryptocurrency for the Jasmy League. It is a Japanese blockchain project built to focus on the ever-expanding industry of the Internet of Things (IoT). According to its website, it has three key parts: forum, campus, and contest. The developer program then joins all these. In its campus section, Jasmy provides content about IoT and blockchain. Contest is where people compete to come up with ideas, while a forum is where these ideas are generated.
The Jasmy Coin price is rising after the developers committed additional resources to its Metaverse fund. Their goal is to make Jasmy a leading platform for metaverse development. The statement said: “In light of the current financial market and other external market conditions, we are pleased to announce that we have decided to increase our investment budget more than originally assumed.”
The four-hour chart shows that the JASMY coin found a strong support at $0.017 this week. This price was the lowest it has been since March 16th. It has formed what seems like a double-bottom pattern whose upper chin is at $0.02070. The coin has also moved above the 78.6% Fibonacci retracement level, while the money flow index (MFI) has moved close to the overbought level.
Jasmy has also moved between the 25-period and 50-period moving averages. Therefore, there is a possibility that the coin will keep rising in the near term as investors target the next key resistance at $0.023. However, a drop below the support at $0.017 will invalidate the bullish view. Furthermore, it will signal that there are still more bears in the market.
This post was last modified on %s = human-readable time difference 08:32