JasmyCoin is defying the broader crypto market with its price increasing by 12%
If bulls hold above a key support level, Jasminecoin is up 12%.
JasmyCoin (JASMY), the native token of a cryptocurrency project based in Japan to access decentralized data, has witnessed a significant price increase as most of the top altcoins reflect the strengthening of Bitcoin in the past month.
On June 23, JASMY price increased by 12% – more than the top 100 tokens by market capitalization.
While BTC and ETH were hovering at $64k and $3.5k price levels respectively, JasmyCoin was trading above $0.033, the biggest daily gain and one of the top trending crypto tokens in the market.
Jasmine Price – What Happened?
While JasmyCoin remains down nearly 7% over the past week, the past 24-hour gains have helped stop JASMY's recent decline to around $0.027.
When JASMY retreated above $0.044 in early June, the declines were exacerbated by a split to $0.030 coinciding with Bitcoin's sharp decline this month. As the crypto market struggled with selling pressure amid macroeconomic events and miner sales, JASMY broke below technical support to hit a low of $0.027 on June 21.
Today's upheaval is a continuation of the bullish trend seen over the past two days.
According to CoinGecko data, this cryptocurrency recorded a good 24% increase in 24-hour trading volume, currently exceeding $200 million. During the previous day, the price moved from close to $0.029 to $0.032, and the volume reached $176 million.
Read more: Jasmi signs big partnership with Panasonic
JasmyCoin chart
JasmyCoin's technical chart suggests a slightly higher hand for the bulls.
As shown above, the Moving Average Convergence Divergence (MACD) and Relative Strength Index (RSI) on the 4-hour chart both provide this advantage. The chart shows that JASMY has retreated from the Bollinger Bands resistance line but is well poised.
of Daily chart However, RSI and MACD show bearish support slightly.
In this case, buyers should hold price above the psychologically important $0.030 to prevent a bearish reversal. On the upside, JASMY coin's major hurdle could be around $0.38-$0.040.
