In a skyrocket rally Jasmy has surged 178% in two months to escape deep capitulation.
Much to the relief of investors as Jasmy suffered a slow bleed out in 2022. A year characterised by the onset of a long crypto winter and the collapse of FTX.
The uptrend begun with the formation of a local bottom at $0.0027 on December 30. The product of a month long death side following Sam Bankman-Fried’s implosion.
Heading into the New Year, Jasmy began to rally. Macro sentiment from a restrained Fed and uptick in the S&P500 had knock on effects for crypto. Bitcoin (BTC) escaped back above $20,000 – and Altcoins including Jasmy followed.
By the end of January, Jasmy had posted a 77% rally. Critically, bulls were able to flip resistance at $0.005 into a much needed area of support. Despite high-volatility (showcased by wide Bollinger bands) this enabled a fortnight-long consolidation period. Stabilizing the floor-price into February.
February 1 hammered a huge green candle to push above $0.0055 which quickly formed support. Then on Sunday February 5 Jasmy underwent a massive 30% move – smashing multiple price levels. A moon-shot only stopped by seller resistance at $0.0075.
How high could Jasmy go this week?
In the aftermath of Sunday’s rally – the market is reeling. With the RSI 14 cooling off – still sat at a bearish 71. Bulls are seeking to consolidate these newfound gains above $0.0065. January’s push up undertook a fortnight long consolidation, this could be similar.
However, there is still impressive bullish momentum. The MACD is reading a 0.000034 – a bullish signal indicative of good breakout propensity. And our top trend line has yet to be tested which suggests price could move upwards to $0.0085.
At some point Jasmy will need to retrace to test support – which has tracked the 200 Day MA for this entire rally. This suggests a local support zone around $0.0055.
Jasmy’s upside short-time frame potential is +15.5%, with a downside risk of -25%. This gives traders a risk : reward ratio of 0.63 – suggesting a risky entry at such heights.
Why is Jasmy price skyrocketing?
The breakout from crypto winter has impacted the entire crypto market. Spurred on by increasingly dovish macro sentiment from Jerome Powell at the US Federal Reserve. This perception of a soft Fed has breathed new life into equities and crypto markets. Investor’s confidence in these risk-on assets has increased.
The big pump in price action over this past weekend for Jasmy is more simple. The team behind the project have launched an exciting project roadmap for 2023 that has got Twitter buzzing.
Traders today have also been enthused by a small leak from the Jasmy office which revealed the JASMY token lock up period will begin in Q4 of this year. This is bullish as the lock-up period will act as a deflationary price stabilizing mechanism.
This has been demanded by the Jasmy community for some time, so a fixed idea of a date is huge.
What is Jasmy and IoT?
Jasmy is a blockchain platform designed for the Internet of Things (IoT) that aims to solve the problem of data privacy and security in IoT systems.
The platform is decentralized. Providing a secure environment for users to store, exchange, and use their data based on their preferences. Jasmy is built using the ERC-20 network.
The JasmyCoin (JASMY) token serves as a utility token. Powering the network and used to pay for personal data from IoT devices.
Jasmy is still in its early stages. But has already attracted attention from tech giants like Transcosmos, Panasonic, and VAIO. The platform was created by former Sony executives.
The Internet of Things (IoT) refers to the growing network of physical devices, vehicles, home appliances, and other items. These smart devices are embedded with electronics, software, sensors, and connectivity. This enables these objects to connect and exchange data.
IoT devices collect and transmit vast amounts of data. Which is then analyzed to improve efficiency and generate profits for organizations. However, the massive amounts of data involved in IoT also create significant security risks.
Blockchain technology has huge use to IoT because it can provide a solution to the security and privacy challenges posed by IoT.
Blockchain means IoT devices can securely store and share data without relying on a central authority. This allows users to have full control over their data and prevents third parties from accessing it without permission. Blockchain-based IoT solutions can also reduce costs and increase efficiency by reducing need for central intermediaries.
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