On Sunday, the price of JasmyCoin surged dramatically, reaching its highest point since March 6, thanks to the successful formation of a falling wedge and an increase in active addresses.
Commonly referred to as Japan’s Bitcoin, Jasmy Coin (JASMY) has recovered from a low of $0.0082 earlier this month. It climbed to a peak of $0.017, representing a 103% increase from its recent bottom.
This price rebound coincided with a stabilizing cryptocurrency market, where Bitcoin (BTC) was trading above $84,000. Other major cryptocurrencies like Solana (SOL) and Fartcoin (FARTCOIN) have also shown a resurgence in the last few days.
On-chain metrics indicate a significant uptick in the number of active JASMY addresses over the recent days. According to recent data, the count of active addresses reached 1,307 on Sunday, the highest since February 1, having rebounded sharply from a low of 382 earlier this month.
Additional statistics reveal that the Mean Dollar Invested Age (MDIA) has been trending upward over the past few months. The two-year MDIA figure has climbed to 241, up from 180 at the start of the year, suggesting that long-term investors remain committed and are not offloading their holdings.
The recent increase in the JASMY price follows a decline in the coin’s futures open interest, which fell to just $18 million earlier this month. This figure has since rebounded to $53 million, marking its highest level since February 1, indicating that activity in the futures market is on the rise.
Technical Analysis of Jasmy Price
The current surge in JASMY is attributed to the formation of a falling wedge pattern on the daily chart, which consists of two descending and converging trendlines. A bullish breakout occurs when these trendlines close in on each other, which has recently taken place.
The coin has surpassed the 78.6% Fibonacci Retracement level at $0.015 and has breached the key resistance level at $0.016, marking the lowest swing on November 3. Additionally, it has risen above the 50-day moving average.
Consequently, the token is likely to continue its upward trajectory as bulls aim for the 50% Fibonacci Retracement level at $0.031, an increase of 90% from the current level. A decline below the lower boundary of the wedge at $0.0082 would invalidate this bullish forecast.
JASMY is the native token of a Japan-based blockchain initiative focused on data privacy and the Internet of Things. The project was established by former Sony executives and engineers and is often described as “Japan’s Bitcoin” due to its local support and adherence to Japanese financial regulations.