As an analyst with over two decades of experience in the financial markets, I must admit that the current performance of JasmyCoin (JASMY) is quite intriguing. The 25% surge in the past 24 hours and the subsequent market cap rise above $2 billion have caught my attention.
Today’s leading altcoin, JasmyCoin (JASMY), is experiencing a surge driven by its blockchain-based Internet of Things (IoT) technology. In just the last 24 hours, its value has soared by an impressive 25%.
This spike has pushed JasmyCoin’s total value in the market beyond a significant threshold. Here’s some essential information about its latest upward trend.
JasmyCoin Market Cap Rises as Holders Leave the Red
On December 4th, JASMY’s price stood at $0.040. But today, this altcoin has surpassed all other assets in the top 100 and is now being traded at $0.050. This performance has pushed its market capitalization beyond the $2 billion mark.
The market capitalization, or market cap for short, is found by multiplying the number of available cryptocurrency units (circulating supply) by their current value. This means that when the price goes up, so does the market cap, while a drop in price causes the market cap to decrease, assuming no additional tokens are added to circulation.
Based on Santiment’s findings, the market capitalization of JASMY has soared to an impressive $2.5 billion, a testament to its increasing appeal among market players and the escalating interest in this particular altcoin.
After the recent upsurge, information from IntoTheBlock indicates that approximately 86% of JASMY owners now have profits. Furthermore, the Global In/Out of Money (GIOM) indicator suggests that no holders are currently experiencing losses; instead, they’re all at the break-even point.
In simpler terms, the GIOM metric groups together various address positions based on the amount or frequency of purchases happening at particular price points. The larger these clusters suggest a more significant level of support or resistance in those price ranges.
Examining the graph before us, it appears that JasmyCoin has substantial backing, with significant groups forming at prices below the present value. Given the current situation, there’s a possibility that the JASMY price could surge towards the $1 mark.
JASMY Price Prediction: $1 Could Be Coming
According to the daily analysis, JASMY’s status as the leading altcoin was largely due to an inverted head-and-shoulders formation. This pattern, which is typically a shift from bearish to bullish, happens when buyers capitalize on sellers’ exhaustion and push the price upward.
For JASMY, this pattern seems to have facilitated its breakthrough beyond the resistance level of $0.039. As trading activity increases, there’s a possibility that its value could surge past $0.052.
However, if there’s a rise in selling pressure, it may prevent an increase in JasmyCoin’s price. In such a case, the price of JasmyCoin might drop to around $0.033. Furthermore, under these circumstances, JasmyCoin could potentially lose its position as one of the top-performing altcoins, namely JASMY.
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2024-12-05 18:49