- Jasmycoin has a strongly bullish outlook based on the on-chain metrics.
- The Fibonacci extension levels showed the token could rally another 60%.
As an experienced financial analyst, I’ve closely observed Jasmycoin’s [JASMY] market behavior over the past few days. Based on the on-chain metrics and historical trends, I believe that JASMY has a strongly bullish outlook.
Over the last two days, Jasmycoin (JASMY) exhibited significant price fluctuations. Specifically, there was a surge of approximately 25% between June 3rd and 4th, which was followed by a decrease of around 11.1%, leaving the token priced at $0.039 as of the present moment.
Although shorter time frames exhibit less price volatility, longer time frames indicate a potential bullish trend. How far up could this trend continue, and is there on-chain data to back up the notion of further growth?
The social metrics promised vast JASMY gains
Similar to the significant increase in social activity and number of daily active addresses during February, JASMY experienced a remarkable surge, resulting in a 263% price increase within a mere two-week period, starting from the 20th of February.
Although it doesn’t ensure a 260% price surge once more, the previous occurrence demonstrates how hype and momentum can significantly propel an asset forward.
In the past few weeks, the dormant circulation levels remained relatively low, indicating that a significant selling surge had not yet emerged.
As a researcher observing the financial markets in February, I noticed an unexpected surge in circulating assets, which was typically a sign of profit-taking. However, despite this dormant activity, prices continued to rise. Consequently, even if these dormant investors decide to sell their holdings soon, it may not be necessary for existing investors to panic and dump their assets as well.
Robust bullish sentiment was detected based on these two metrics
As a crypto investor, I closely monitor the 30-day MVRV (Maker’s Realized Value to Price Ratio) to gauge whether short-term holders are currently in profit or not. This indicator provides valuable insights into market sentiment and can be an early sign of potential trend reversals.
The NVT ratio was relatively low, suggesting that the coin’s transaction volume wasn’t inflated compared to its value. This implied that the coin wasn’t overpriced based on its trading activity. Generally speaking, the other metrics presented a favorable picture.
From March to May, the 50% Fibonacci retracement level acted as a supportive pillar for the price action. Following this period, an upward trend emerged. By employing the same technique, potential extension levels were identified at $0.0415, $0.05, and $0.064 – these represent the next bullish objectives.
Read Jasmycoin’s [JASMY] Price Prediction 2024-25
On the three-day chart, the Relative Strength Index (RSI) indicated strong buying activity, while the Chaikin Money Flow (CMF) registered a value of 0.12, suggesting significant net capital inflows.
As a crypto investor, I believe there’s a strong possibility that we’ll witness another price surge of around 30% to 60%. However, if the market takes a downturn and we experience a pullback, I would consider entering a long position in the range between $0.0256 and $0.0288. This area might seem slightly aggressive for some, but it represents an appealing opportunity for those with a bullish outlook on the long term.
Read More
- LDO PREDICTION. LDO cryptocurrency
- JASMY PREDICTION. JASMY cryptocurrency
- DOP PREDICTION. DOP cryptocurrency
- METIS PREDICTION. METIS cryptocurrency
- SCR PREDICTION. SCR cryptocurrency
- UXLINK PREDICTION. UXLINK cryptocurrency
- OKB PREDICTION. OKB cryptocurrency
- INST PREDICTION. INST cryptocurrency
- CNC PREDICTION. CNC cryptocurrency
- POL PREDICTION. POL cryptocurrency
2024-06-07 10:15