Jasmy soars as falling wedge forms, active addresses jump
The JasmyCoin price went parabolic on Sunday, reaching its highest level since March 6 as the falling wedge worked out and the number of active addresses rose.
Jasmy Coin (JASMY), popularly known as Japan’s Bitcoin, has rebounded after bottoming at $0.0082 earlier this month. It rose to a high of $0.017, up by 103% from its lowest level this month.
The rebound happened as the crypto market stabilized, with Bitcoin (BTC) trading above $84,000. Other top tokens like Solana (SOL) and Fartcoin (FARTCOIN) have also bounced back in the past few days.
On-chain data shows that the number of JASMY active addresses has jumped in the past few days. According to Santiment, these active addresses rose to 1,307 on Sunday, the highest level since Feb. 1. It has jumped sharply after bottoming at 382 earlier this month.
Further data shows that the Mean Dollar Invested Age or MDIA figure has been in a strong uptrend in the past few months. The two-year MDIA figure rose to 241, up from 180 on Jan. 1, a sign that long-term investors are still not selling their tokens.
Further data shows that the JASMY price surge happened after the coin’s futures open interest crashed to just $18 million earlier this month.
This figure has now rebounded and moved to $53 million, its highest point since Feb. 1. That is a sign that activity in the futures market is increasing.
Jasmy price technical analysis
The ongoing JASMY surge happened after the coin formed a falling wedge pattern on the daily chart. This pattern is made up of two descending and converging trendlines. A bullish breakout happens when the two trendlines near their convergence, which happened recently.
The coin has moved above the 78.6% Fibonacci Retracement level at $0.015. It has also jumped above the key resistance level at $0.016, the lowest swing on Nov. 3. The coin also rose above the 50-day moving average.
Therefore, the token will likely continue rising as bulls target the 50% Fibonacci Retracement level at $0.031, up by 90% from the current level. A drop below the lower side of the wedge at $0.0082 will invalidate the bullish outlook.
JASMY is the native token of JasmyCoin, a Japan-based blockchain project focusing on data privacy and the Internet of Things.
The project was founded by former Sony executives and engineers. Due to its local backing and compliance with Japanese financial regulations, it’s often described as “Japan’s Bitcoin.”
