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- JASMY posted +25% gains after breaking out of multi-month price consolidation.
- Apparently, the hack occurred due to speculation about Japan’s national ID system.
On May 30, Jasmine currency [JASMY] It broke above the multi-month price range and recorded +25% gains.
The bullish breakout followed speculation about Apple’s plans to integrate Japan’s “My Number” project, a public project to simplify administrative services for Japanese citizens, such as social security and taxes.
Traders speculated that Jasmy was involved because it is a leading Tokyo-based company in the field of private data security and blockchain integration. But the company has not officially confirmed its participation in the Japanese “My Number” project.
Jasmy Coin Price Prediction: What are the next key targets to watch?
Source: JASMY/USDT, TradingView
At press time, the main price chart indicators on the 12-hour time frame had bullish readings. The buying pressure was massive, as evidenced by the Relative Strength Index (RSI) reading in the overbought zone.
Likewise, an above-average CMF (Chaikin Money Flow) reading confirmed that significant capital has been injected into JASMY over the past few hours.
However, the breakout faced an immediate hurdle at $0.033, the previous support in March 2022. If the “digital” narrative in Japan wanes, the hurdle could pose a challenge to the bulls.
If so, JASMY could pull back to the confluence of the previous high range and the 20-day exponential moving average (exponential moving average) or multi-month trend line support.
However, an extended rally could see JASMY bulls take +20% gains if they reach $0.04.
LONG TERM JASMY HOLDERS HAVE BEEN PROFITABLE – WILL THEY SELL?
Source: Santiment
The JASMY rally seen at the end of May was characterized by rising demand, as evidenced by a steady rise in OTC supply (blue line). It indicates that accumulation occurred during the same period.
Likewise, selling pressures have eased, as evidenced by lower supply on exchanges (red line).
is reading Jasmi Quinn [JASMY] Price forecasts 2024-2025
However, the MVRV (Market to Realized Value) value was positive at 92%, confirming that most Long Term Holders (LTH) were profitable and could be inclined to take profits.
If LTH Group opts to take profits, the pullback scenario described above could be plausible, making $0.025 the key level to watch.
Disclaimer: The information provided does not constitute financial, investment, trading or any other type of advice and represents the opinion of the writer only.
