The price of Jasmy Coin (JASMY) has made a dramatic comeback in recent days as investors cheer the cryptocurrency’s ongoing rally. The coin reached $0.0040, the highest level since August 15. It has increased for the last 11 consecutive days, this is the first time such a thing has happened.
Japanese Bitcoin is booming
Jasmy, popularly known as Japanese Bitcoin, has seen a strong upward trend in recent days. This rally occurred as sentiment in the crypto industry has improved, which has sent most coins higher recently.
Bitcoin rose from last month’s low of $24,800 to $35,000, while the total market capitalization of all cryptocurrencies jumped to more than $1.2 trillion. In most cases, altcoins like Solana and Jasmy rise when Bitcoin prospers.
There are three main reasons why Bitcoin and other tokens are rising. First, there are signs that the Securities and Exchange Commission (SEC) will approve a Spot Bitcoin ETF. This will be a crucial move that is expected to lead to more inflows of institutional investors.
Second, many contrarian investors believe Bitcoin is a better investment as U.S. government debt rises. The government has accumulated more than $33.6 trillion in debt over the past few years. This debt has increased by more than $600 billion in the last few weeks alone.
Therefore, investors believe that Bitcoin is a good digital version of gold. Third, BTC has outperformed other assets over the past few decades. It outperformed gold, silver and U.S. stock indices like the Dow Jones and Nasdaq 100.
In Jasmy’s case, there are signs that traders are also spreading the token on social media platforms like Twitter and StockTwits. It was one of the most trending pieces on these platforms.
Jasmy Coin Price Predictions
The daily chart shows that the Jasmy coin has made a strong comeback in recent days. This rebound was consistent with my last JasmyCoin Prediction. Along the way, the coin crossed the descending trendline that connects the highest fluctuations since June 25.
It also surpassed the Arnaud Legoux (ALMA) 50-day and 200-day moving averages. Additionally, the Relative Strength Index (RSI) rose to the extreme overbought level. Therefore, I suspect that the coin will pull back soon and then resume the uptrend to the key resistance point at $0.0047, the high point on June 24.
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