JasmyCoin Surges 4% After 12-Month Low, Indicators Suggest New Demand

JasmyCoin (JASMY) has experienced a notable surge, rising by 4% over the past 24 hours. This increase comes after a significant drop earlier in the week, when the altcoin plummeted to a 12-month low on Monday. The sudden rise has sparked concerns that it could be a temporary "dead cat bounce," a phenomenon where an asset's price recovers briefly before resuming its downward trend, typically driven by short-term market optimism rather than strong underlying demand.

However, on-chain and technical indicators suggest that the rally in JASMY is likely supported by genuine new demand. For instance, the climbing on-balance-volume (OBV) indicator highlights this trend. The OBV, which measures an asset’s cumulative flow of volume, is currently in an uptrend at $177.36 billion. Since JASMY fell to a one-year low of $0.0082 on Monday, its OBV has rallied by 2%, indicating an uptick in new demand for the altcoin.

Additionally, JASMY now trades above the dots of its Parabolic Stop and Reverse (SAR) indicator, confirming the bullish shift in the market’s momentum. The SAR indicator measures an asset’s price trends and identifies potential entry and exit points. When an asset’s price trades above the SAR, it indicates an uptrend, suggesting that the market is in a bullish phase with the potential for further price increases.

At the time of writing, JASMY trades at $0.010, remaining below the major resistance formed at $0.012. If buying pressure strengthens, the altcoin could flip this price zone into a support floor, potentially propelling JASMY’s value toward $0.017. However, this bullish projection could be invalidated if profit-taking resurfaces, in which case JASMY’s price could revisit its 12-month low of $0.0082.