- JASMY’s bullish breakout heightens possible sell pressure as more long-term holders are now in profit.
- JASMY posted +25% gains after breakout from a multi-month price consolidation.
- Apparently, the breakout happened due to speculation about Japan’s national ID system.
Jasmy coin [JASMY] experiences a significant price surge, driven by speculation around Japan’s national ID system, raising questions about future price movements and long-term holder strategies.
Jasmy coin price prediction: What are the next key targets to watch?
On 30th May, Jasmy coin [JASMY] broke above its multi-month price range and posted +25% gains. The bullish breakout followed speculations on Apple’s planned integration of Japan’s ‘My Number’, a public project to streamline administrative services for Japanese citizens, such as social security and tax. Traders speculated that Jasmy was involved since it is a Tokyo-based leader in private data security and blockchain integrations. However, the firm hasn’t officially confirmed involvement with Japan’s ‘My Number’ project.
At press time, key price chart indicators on the 12-hour timeframe had bullish readings. The buying pressure was massive, as shown by the RSI (Relative Strength Index) overbought reading. Similarly, the above-average CMF (Chaikin Money Flow) reading underscored that significant capital was pumped into JASMY over the past few hours. However, the breakout faced an immediate hurdle at $0.033, previous support in March 2022. Should Japan’s ‘My Number’ narrative wane, the hurdle could be challenging to bulls. If so, JASMY could retrace to the confluence of the previous range-high and 20-day EMA (Exponential Moving Average) or the multi-month trendline support. However, an extended rally could see JASMY bulls grab +20% gains if they hit $0.04.
JASMY long-term holders were profitable – Will they sell?
The JASMY rally seen at the end of May was marked by a surge in demand, as shown by a steady uptick in Supply outside Exchanges (blue line). It denoted accumulation occurred over the same period. Similarly, sell pressure eased, as demonstrated by the declining Supply on Exchanges (red line). However, the MVRV (Market Value to Realized Value) was positive at 92%, underscoring that most long-term holders (LTH) were profitable and could be tempted to book profits. If the LTH cohort opted for profits, the pullback scenario described above could be plausible, making the $0.025 a key level to watch.
Conclusion
In conclusion, Jasmy coin’s recent bullish breakout has brought significant attention to its price movements and the potential involvement in Japan’s ‘My Number’ project. While the immediate price targets present opportunities for further gains, the actions of long-term holders and the sustainability of the bullish narrative will be crucial in determining the coin’s future trajectory. Investors should closely monitor key support and resistance levels, as well as broader market sentiment, to make informed decisions.
