Jasmy price forms cup and handle as trading volume spikes

Jasmy coin price pulled back even as the token’s trading volume jumped during the weekend. The token jumped to a high of $0.0058 during the weekend and then dropped to the current $0.0055. It has jumped by ~30% from the lowest level in March this year.

Jasmy volume rises

Jasmy is a leading cryptocurrency project in the Internet of Things (IoT) space. It is popularly known as Japan’s Bitcoin because it was created by top leaders from the country. The founders were senior executives at Sony, one of the biggest entertainment companies in the world.

There are a few reasons why Jasmy price has done well in the past few days. First, data shows that the volume of Jasmy that is traded in key exchanges has jumped sharply in the past few days. Data compiled by Santiment shows that the volume has been in an upward trend in the past few days. 

It jumped to a high of 148.57 million on Monday, the highest level in months. In most periods, cryptocurrencies tend to do well when there is an elevated bullish volume. As shown below, the last time the price jumped was when the volume peaked at 122.75 million in March.

Jasmy volume and price chart

Second, there is a likelihood that the developers will make an announcement in the coming days. Hara, the company’s Chief Financial Officer (CFO) has traveled to Hong Kong, where he will talk to policymakers and other players in the industry. Last week, the developers said that they would have an airdrop celebrating its presence in the city.

Further, Jasmy has jumped after the developers unveiled the first cohort of developers who will receive its grants. These projects include JV Protocol, Clik, Pedao, and For Metas. JV Protocol has received over 651k upvotes while Clik has received 202k upvotes.

Jasmy price prediction

Jasmy chart by TradingView

The 4H chart shows that the Jasmy coin price has been in a slow bullish trend in the past few days. It rose and retested the important resistance at $0.0058. This was an important level since it was the upper side of the cup and handle pattern. In price action analysis, this pattern is usually a bullish sign. Jasmy is also above the 50-period moving average.

Therefore, the token will likely continue rising as Jasmy buyers target the next key resistance at $0.0065, which is about 15% above the current level.

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