Fresh Demand Fuels JasmyCoin’s (JASMY) 4% Rise, Dodging Dead Cat Bounce Concerns
JasmyCoin's 4% price increase suggests real demand, with technical indicators signaling a bullish shift. If buying pressure holds, it could target $0.017.
JasmyCoin has emerged as today’s top gainer, registering a 4% price increase over the past 24 hours. This surge comes after a sharp drop earlier this week when the altcoin plunged to a 12-month low on Monday.
While the sudden surge has sparked concerns that it could be a temporary “dead cat bounce,” on-chain and technical indicators suggest that the rally is likely supported by genuine new demand for JASMY.
JASMY Shows Sustained Strength
A dead cat bounce occurs when an asset’s declining price recovers temporarily before resuming its downward trend. It is typically driven by short-term market optimism but lacks strong underlying demand.
This is not the case for JASMY, whose technical and on-chain indicators reflect a resurgence in new demand for the altcoin. For example, its climbing on-balance-volume (OBV) highlights this.
JASMY OBV. Source:
TradingView
As of this writing, this indicator, which measures an asset’s cumulative flow of volume, is in an uptrend at $177.36 billion. For context, since JASMY fell to a one-year low of $0.0082 on Monday, its OBV has rallied 2%, indicating an uptick in new demand for the altcoin.
Further, JASMY now trades above the dots of its Parabolic Stop and Reverse (SAR) indicator, confirming the bullish shift in the market’s momentum.
JASMY SAR. Source:
TradingView
This indicator measures an asset’s price trends and identifies potential entry and exit points. When an asset’s price trades above the SAR, it indicates an uptrend. It suggests that the market is in a bullish phase, with the potential for further price increases.
Can JASMY Buyers Hold the Line?
At press time, JASMY trades at $0.010. It remains below the major resistance formed at $0.012. If buying pressure strengthens, the altcoin could flip this price zone into a support floor.
If succesful, it could propel JASMY’s value toward $0.017.
JASMY Price Analysis. Source:
TradingView
However, this bullish projection will be invalidated if profit-taking makes a comeback. In that scenario, JASMY’s price could revisit its 12-month low of $0.0082.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
If Jensen Huang resigns, who could take over Nvidia? AMD's Lisa Su included in media candidates
AMD CEO Lisa Su, who holds a Ph.D. from MIT and led AMD back to growth while rebuilding customer trust during a crisis, is seen as a potential candidate. However, the competitive relationship between AMD and NVIDIA adds complexity to the succession process. Arm CEO Rene Haas, who worked at NVIDIA for seven years, is considered a smoother option for succession.
SoftBank reports first quarterly loss in two years! $3.7 billion impairment in US data center project, AI investments face pressure
SoftBank Group reported a net loss of 1.12 trillion yen in its second fiscal quarter, marking its first quarterly loss in nearly two years. The main reasons are the write-off of nearly $3.7 billion in advance payments due to adjustments in the procurement of power supply equipment for its AI data center in Ohio, USA, a shift of the Vision Fund from profit to loss, and a surge in the cost of high-debt financing. Since the June peak, SoftBank's share price has fallen more than 50%.
Expanding computing power on one hand, grabbing spectrum on the other! Barclays optimistic about SpaceX (SPCX.US) acquiring T-Mobile: Complementary advantages of ground networks and Starlink
After Space's stock price rose for two consecutive days, Barclays stated that T-Mobile is the "cleanest" choice among SpaceX’s potential acquisition targets. Barclays considers Verizon a major unknown, while AT&T has the lowest strategic fit.
Will the Federal Reserve raise rates in December? Tonight's CPI will be the final verdict!
The October CPI data will be released tonight, with the market pricing in an 86% chance of a rate hike. Goldman Sachs predicts a core CPI month-on-month increase of only 0.16%, much lower than market expectations. However, statistical distortions in health insurance and declines in used car prices—these "soft factors"—are unlikely to be reflected in the core PCE, which the Federal Reserve places greater emphasis on. The data may trigger a relief rally, but it is unlikely to change the underlying hawkish sentiment.
Crypto prices
More
