The price of Jasmy has entered a bear market after plummeting from last year’s peak of $0.0595 to $0.012, marking its lowest point since February of the previous year.
The decline of Jasmy Coin (JASMY) can be attributed to the overall downturn in the cryptocurrency market, which has seen significant drops in Bitcoin and most other altcoins as well.
Despite this, there is potential for the coin to recover in the upcoming weeks. Recent on-chain data indicates an increase in active addresses over the past few days, peaking at 897 on March 23, the highest figure since March 10. An uptick in active addresses is frequently viewed as a favorable indicator for a coin’s performance.
The increase in active addresses coincides with a surge in the 365-day Mean Dollar Invested Age (MDIA), which climbed to 146 from a recent low of 138. A rising MDIA is generally considered a bullish signal for a coin.
Another favorable aspect for Jasmy is its current valuation as being markedly undervalued. A useful way to assess this is through the z-score of market value to realized value, or the MVRV indicator. This metric compares a coin’s present market value with the aggregate value of all coins in circulation since their last transaction.
Jasmy’s MVRV-Z score has decreased to -1.8 from a peak of 5.2 last year, reaching its lowest point since April, indicating a significant undervaluation.
Additionally, the total amount of JASMY held on exchanges has continued its downward trend this year. Data shows that these balances have dropped from 10.4 billion tokens in November to 8.47 billion now.
Jasmy Price Technical Analysis
The daily price chart reveals that JASMY has experienced a significant decline over the recent months, falling from $0.059 in November to the current $0.01. Most recently, it dropped below the crucial support level of $0.0160, marking its lowest point in March, May, August, and November of the past year.
Jasmy continues to trade below the 50-day and 100-day moving averages, indicating that bearish trends are dominating.
On a positive note, the price of Jasmy has developed a falling wedge pattern, which may signal an impending recovery. This pattern consists of two declining and converging trendlines, and typically, a bounceback occurs as the two lines approach convergence.
Thus, the coin is anticipated to surge shortly. Should it exceed the key resistance level at $0.016, further upward movement will likely be confirmed, potentially driving prices toward $0.025, which represents the highest swing noted on September 28 of last year.
About Jasmy
JasmyCoin, widely referred to as “Japan’s Bitcoin,” was initially created to empower individuals with control over their personal data.
Founded in 2016 by former Sony executives Kazumasa Sato and Kunitake Ando, Jasmy aims to enable users to securely manage and monetize their information instead of allowing corporations to exploit it without compensation.
The project’s native token, JASMY, supports data transactions, incentivizes users for sharing their information, and facilitates payments within its ecosystem. In light of Japan’s stringent data protection regulations and the growing interest in Web3, Jasmy has established itself as a frontrunner in data democratization.
Recently, the focus of JasmyCoin has shifted towards becoming a key player in the artificial intelligence field. The Chief Financial Officer, Hiroshi Harada, has highlighted the network’s utilization of decentralized GPUs to implement next-generation AI agents.
Janction, a Decentralized Public Infrastructure platform developed within the Jasmy community, has integrated GPUs into its DePIN framework.