The well-known cryptocurrency, often referred to as Japan’s equivalent of Bitcoin, might be heading towards a downtrend following the formation of a potentially hazardous pattern, with large investors continuing to offload their holdings.
On Friday, the price of JasmyCoin (JASMY) was at $0.018, marking a 130% rise from its record low in April. As a result, its market capitalization now stands at approximately $938 million.
According to data directly recorded on the blockchain (on-chain data) provided by Santiment, large investors or “whales” of JASMY have been actively selling off their holdings throughout the year. This selling activity has led to a significant decrease in JASMY’s value, with it dropping approximately 68% from its highest point reached in December.
The current supply of coins owned by whales stands at approximately 26.58 billion, marking a significant decrease from its peak this year, which was 28.45 billion. Essentially, they have sold or transferred around 1.87 billion coins since February.
This month, the price increase for whales’ holdings has been sustained. On May 1st, they owned approximately 26.6 billion units, but that figure has now dropped slightly to around 26.58 billion as of today.
Investors in cryptocurrency closely monitor the actions of ‘whales’ since they are perceived as more knowledgeable and skilled than regular traders due to their extensive experience in this field.
A potential concern that’s been arising recently is an increase in the number of JASMY tokens being traded on cryptocurrency exchanges. The figure now stands at approximately 15.9 billion, compared to 15.83 billion just a few days ago.
Investing in soaring exchange balances can be hazardous as this trend often indicates that investors are shifting their tokens from personal wallets to exchanges, usually with the intent of selling their coins.
2016 saw the birth of Jasmy, a renowned cryptocurrency, by a group of former Sony employees. Situated at the nexus of Internet of Things (IoT), blockchain technology, and data privacy, Jasmy stands out. It provides a personal data vault where users can securely store IoT-generated data. Additionally, it offers more dispersed data management solutions.
JASMY price technical analysis
Over the last few weeks, the daily graph indicates that the JASMY price has rebounded significantly, climbing from an April low of $0.00825 to $0.018. This price surge caused the resistance level at $0.01620, its lowest point on November 4, to transform into a new support level.
Nevertheless, Jasmy seems to be encountering resistance at its 200-day Exponential Moving Average. Additionally, it has shaped a rising wedge formation, often interpreted as a potential bearish reversal signal. This pattern is constructed by two ascending lines that eventually converge. Furthermore, the MACD (Moving Average Convergence Divergence) suggests a bearish discrepancy.
It seems reasonable to anticipate that JasmyCoin’s price could see a downturn in the approaching weeks. Should this occur, the initial predicted level might reach around $0.01620, and subsequently, it may drop further down to the psychologically significant point of $0.0010.
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2025-05-23 19:31