Jasmy experiences significant growth as Falling Wedge Pattern emerges and number of active addresses increases
The price of JasmyCoin experienced a significant surge on Sunday, hitting its peak since March 6, as the falling wedge pattern unfolded and the number of active addresses increased.
Jasmy Coin (JASMY), commonly referred to as Japan’s Bitcoin, has made a comeback after reaching a low of $0.0082 earlier this month. It climbed to a maximum of $0.017, representing a 103% increase from its lowest point this month.
This recovery coincided with a stabilization in the crypto market, with Bitcoin (BTC) trading above $84,000. Other leading cryptocurrencies, such as Solana (SOL) and Fartcoin (FARTCOIN), have also seen recoveries in recent days.
On-chain analytics indicate a notable rise in the number of active JASMY addresses recently. Data from Santiment reveals that active addresses increased to 1,307 on Sunday, marking the highest figure since February 1. This is a sharp rise from a low of 382 earlier in the month.
Additional data shows that the Mean Dollar Invested Age (MDIA) has been on a strong upward trend over the past few months. As of January 1, the two-year MDIA figure was at 180, but it has now increased to 241, indicating that long-term investors are not selling off their tokens.
Further analysis indicates that the recent spike in JASMY’s price followed a significant drop in the coin’s futures open interest, which fell to just $18 million earlier this month.
This figure has since rebounded to $53 million, reaching its highest level since February 1. This increase suggests a rise in activity within the futures market.
Jasmy price technical analysis
The ongoing surge in JASMY’s price followed the formation of a falling wedge pattern on the daily chart. This pattern consists of two descending and converging trendlines, and a bullish breakout occurs when the two trendlines converge, which has recently taken place.
The coin has surpassed the 78.6% Fibonacci Retracement level at $0.015 and has broken through the key resistance level at $0.016, the lowest swing observed on November 3. Additionally, the price has risen above the 50-day moving average.
As a result, the token is likely to continue its upward trajectory with bulls aiming for the 50% Fibonacci Retracement level of $0.031, representing a 90% increase from the current price. A decline below the lower boundary of the wedge at $0.0082 would invalidate this bullish prediction.
JASMY serves as the native currency for JasmyCoin, a blockchain initiative based in Japan that focuses on data privacy and the Internet of Things.
The project was established by former executives and engineers from Sony. Due to its local support and adherence to Japanese financial regulations, it is frequently referred to as “Japan’s Bitcoin.”