Current market movements suggest JasmyCoin (JASMY) might be preparing for an upward trend, with both technical analysis and on-chain data pointing to positive developments.
Financial trader Matthew Dixon shared his optimistic outlook, noting that the current correction appears to be nearing its end, bringing potential good news for patient JASMY holders.
The analyst posted a JASMY chart that shows the price reaching support at around $0.021. The level has been holding as support for a long time. If this pattern continues, we could see the price start to rise to new levels. Based on the arrow in the chart, the analyst sees the JASMY price spiking to around $0.028.
JASMY Exchange Supply Shows Bullish Signs
A significant shift is occurring in JASMY exchange dynamics, according to crypto analyst Saiyan1K. Exchange supplies have dropped to their lowest level in over a year, with more than 500 million tokens withdrawn in just the past week.
The current exchange balance sits at approximately 9.11 billion JASMY tokens, representing a notable decrease from previous levels. This trend has seen consistent daily withdrawals, sometimes exceeding 10 million tokens.
The total circulating supply of JASMY currently stands at 49.44 billion tokens, approaching the maximum cap of 50 billion. Market observers interpret the declining exchange supply as a potentially bullish signal, suggesting investors are moving their holdings to private wallets for longer-term storage rather than immediate trading.
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As noted by Blake_Berryhill, several chart patterns, including a potential cup and handle or falling wedge formation, suggest the possibility of price appreciation. If the current support level holds, traders might target resistance zones between $0.026 and $0.028. However, as with any cryptocurrency investment, proper risk management remains crucial, and traders should consider setting appropriate stop-losses below key support levels.
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