JasmyCoin Surges 25% This Week Amid Bullish Sentiment

JasmyCoin (JASMY), often referred to as Japan’s Bitcoin, has recently garnered significant attention within the altcoin community due to its bullish momentum. After a prolonged decline from a mid-May high of $0.02138, JASMY has rebounded from a support trendline at $0.01040, marking a notable reversal from its short-term downtrend. This upward movement is supported by increased trading activity and positive on-chain metrics, indicating renewed market demand and the potential for a new bullish trend.

According to analysts, JASMY’s future looks promising. One analyst predicts short-term gains of 100%, while another forecasts an impressive 1,950% increase. This optimism is further supported by data from Santiment, which shows a rise in the number of addresses holding 1-100,000 coins in Q2. This increase suggests that small to mid-tier investors, including retail crowds and high-net-worth individuals, are accumulating JASMY, indicating growing underlying confidence and demand.

Additionally, the weighted sentiment has turned from a negative -1.039 to a positive +0.59, reflecting a shift in the overall emotional tone of social discussions towards optimism. This positive sentiment can attract new buyers and reinforce existing holder conviction, further supporting the potential for upward price momentum.

On JASMY’s daily chart, a nearly 25% growth was recorded this week, indicating a potential break from its short-term bearish trend. At the time of writing, JASMY was trading at $0.01334, with most technical indicators suggesting further upward movement. The MACD recently showed a bullish cross, and its histogram has turned green, confirming rising momentum. The “AO” indicator has also turned green, as bulls enter the JASMY market.

The short-term bullish sentiment is further supported by the RSI’s rebound from oversold territory, flipping the 14-SMA smoothed line to 48.23. Meanwhile, the Chaikin Money Flow indicates increasing money inflow, recovering from June’s low of -0.20 to -0.06. Analyst Nology shares this short-term bullish outlook, predicting an Elliott wave’s first impulsive wave in the coming weeks, with a target near $0.026.

In the long term, analyst Javon Marks highlights a very bullish setup for JASMY. He identified a hidden bullish divergence on the MACD, suggesting JASMY could be on the verge of a sustained multi-phase rally. Marks has set an aggressive target of $0.278 for JasmyCoin, representing an impressive upside of over 1,950% from the current price, assuming bullish conditions continue.

While JASMY is showing bullish momentum and positive on-chain metrics, indicating renewed demand, whether it’s a “good” investment depends on individual risk tolerance. Analysts are optimistic about its future, with some predicting significant gains, but it’s crucial to research its fundamentals and the inherent volatility of crypto.