JasmyCoin (JASMY) price went parabolic on Monday, continuing a bull run that I wrote about last week. The token surged to the YTD high of $0.0085, which was 170% from its lowest point in 2023. This surge has brought the coin’s total market cap to over $400 million.
Jasmy popularity continuesThe main reason for the Jasmy token price surge is that investors have embraced a risk-on sentiment in the past few months. A closer look at the fear and greed index has jumped to the greed zone of 75.
This rally happened as other cryptocurrencies surged. Bitcoin has moved above the key resistance point at $52,000 while Ethereum has jumped to $2,910, its highest point in years. Other tokens like Internet Computer and Render Token.
The other reason is that the token has become highly popular among investors. It was one of the top trending cryptocurrencies in popular social media platforms like StockTwits and Reddit. This is a sign that traders are pumping the token.
Further, the number of Jasmy holders has been rising in the past few months. The number of holders in the ecosystem has jumped to over 60,700, according to data by Etherscan. This trend may continue rising in the coming months as demand for the token continues.
The other important catalyst for the Jasmy token will be the upcoming Bitcoin halving, which will happen in April. In most cases, cryptocurrencies tend to jump ahead of the halving event. This explains why many analysts expect that Bitcoin will rise to the all-time high of $67,000 this year.
Jasmy price forecast
The daily chart shows that the JasmyCoin price has jumped sharply in the past few months. It has managed to move above the key resistance point at $0.0074, which was the highest swing in December and May 2023. The token has invalidated the double-top pattern that was forming.
Jasmy’s Relative Strength Index (RSI) and the Average Directional Index (ADX) have continued soaring. Therefore, the outlook for the Jasmy token is bullish, with the next reference level to watch being at $0.10. In the near term, the token will likely retreat and retest the support at $0.0074.
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