JASMY hits 2-year high: What’s driving it?

JasmyCoin surged to hit a 2-year high over the past day.
JASMY’s whale activity has surged by 176.43% in the last 24 hours.

As a seasoned researcher with over a decade of experience in the cryptocurrency market, I’ve seen my fair share of bull and bear runs. But when I see a coin like JasmyCoin (JASMY) surging to hit a 2-year high, it catches my attention, and not just because it’s green.

Over the past day, JasmyCoin [JASMY] has experienced a strong upward momentum, reaching a 2-year high of $0.0594.

In this timeframe, JASMY dipped to $0.039 at its lowest point and peaked at $0.059, representing a substantial 34.3% rise. Furthermore, the trading volume experienced a significant boost of 140.82%, reaching a remarkable $2.14 billion.

As an analyst, I’ve noticed that this upward trend has significantly benefited a majority of us, with approximately 66,890 addresses, representing 85.26% of all holders, now enjoying profits. On the other hand, around 1.75k holders, accounting for 2.24%, find themselves at the break-even point.

What factors are fueling this rise, and will JasmyCoin continue to maintain this momentum?

Can JASMY sustain the uptrend?

Based on AMBCrypto’s examination, there was a growing optimism and heightened interest surrounding JasmyCoin.

For example, JASMY’s active addresses have surged by 91.76% rising from a low of 3.4k to 6.52k. An increase in active users reflects a rise in demand, network usage, and adoption. This is a recipe for a strong upward movement as strong fundamentals drive prices up.

As an analyst, I’ve noticed a significant surge: large transactions have jumped by approximately 176.43%, climbing from a minimal point of 140 to 387. This substantial uptick suggests the presence of ‘whales’ in the market, indicating they are actively participating.

When whales turn to purchasing an asset, it reflects their confidence in the market’s future value.

This whale accumulation is evident from the increased inflow among large holders. Over the past day, this inflow has risen from 695.77 million to 1.12 billion.

An influx of substantial investments from major investors generates demand for purchasing, which in turn puts a positive influence on price trends.

Over the last seven days, the gap between buying (long) and selling (short) JASMY has significantly increased from 22.53% to 78.41%. This significant upward trend suggests that long-term investors are shifting towards profitable positions. Additionally, the growing profitability among large investors, or “whales,” underscores their confidence as they maintain their holdings.

Is your portfolio green? Check the JasmyCoin Profit Calculator

To summarize, Jasmycoin is witnessing a significant upward movement as both large investors (whales) and smaller traders are displaying growing curiosity and desire for this cryptocurrency. As more investors favor it, the altcoin is poised to yield further profits due to a potential reduction in supply.

As a crypto investor in JasmyCoin, I believe that if the current conditions persist, we might see our coin reclaiming the $0.059 level and aiming for the resistance at $0.06. However, a potential market correction could lead to a dip in JasmyCoin’s value down to around $0.047.

2024-12-07 01:11

Can JASMY sustain the uptrend?

Read More