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JasmyCoin has recovered by double digits in a week
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The token has hit a descending trendline
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JASMY could correct in line with the longer-term bearish momentum
JasmyCoin (JASMY/USD) saw rising trading volumes on Friday amid a mixed cryptocurrencies trading. The token, ranked lowly at #543 on CoinMarketCap, has witnessed a 13% surge in the past week. The weekly gains now take bulls to an important level that would determine if investors will see further gains.
JASMY is the native token of the Internet of Things’ Tokyo-based firm Jasmy Corporation. The company enables the buying and selling of data by connecting service providers and users. From the decentralisation perspective, the Jasmy platform allows users complete control of their personal information. This is enabled by enabling IoT through blockchain technology. In short, Jasmy aims to provide a platform where users can freely, easily, and safely move data.
JASMY saw increased interest in 2021 at the height of the crypto boom. It has since crashed and trades at just $0.004. The price compares to a high of $0.35 in November 2021 – a significantly depressed price level. With the renewed gains, how far can this token go?
JASMY meets resistance at the descending trendline
The technical outlook shows that JASMY has met resistance at the descending trendline and 50-day MA. Since August, JASMY has always been rejected at the descending trendline. Although bulls are attempting a break above the 50-day MA, they are under bear pressure.
The MACD indicator shows improving momentum for JASMY. Nonetheless, we see that the token has always corrected anytime the MACD has approached the neutral level since August.
What next for JASMY?
The bear momentum is in place for JasmyCoin despite the weekly recoveries. To buy the cryptocurrency, wait for the price to break above the descending trendline or the 50-day MA.
The bullish expectation could be invalidated if the past price action of the cryptocurrency repeats itself. Bulls should keep off for now until the cryptocurrencies sentiment improves.