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In the previous 24 hours, the JasmyCoin (JASMY) market has been bullish, with values ranging from $0.006635 to $0.007552 (a new 90-day high). As of press time, the JASMY price had risen by 7.64% to $0.007187, justifying the optimistic prognosis.
Traders jumped on board due to increasing confidence and expectations of a lengthy bull run, prompting the market capitalization to rise 7.65% to $335,315,628. However, this bullishness may be short-term because 24-hour trading volume fell by 61.62% to $236,443,393. Nevertheless, despite the drop in trading volume, the high JASMY prices show that investors remain confident in the currency.
The Rate of Change (ROC) indicator is trending north with a rating of 5.5, indicating increased market purchasing pressure. The increased purchasing pressure implies considerable demand in the market, which will likely lead to higher prices. As a result, this move predicts a sustained buoyant market for the foreseeable future as long as demand and purchasing pressure stay consistent.
With a value of 69.61 and advancing above its signal line, the Relative Strength Index (RSI) confirms the predicted price rise owing to significant purchasing demand in the market. As the RSI rises, the positive trend is growing, lending credence to the notion that the market is in an uptrend, with sustained demand leading to higher prices soon. However, since it is approaching overbought territory, there is always the possibility of a short-term correction, which might push the market back to lower levels.
The Relative Volatility Index (RVI) is trending below its signal line, with a score of 54.80. As a result, the present rally is weaker than typical and may be more prone to market corrections in the near term. This RVI score backs up the RSI overbought warning, indicating that investors should be extra careful when opening long positions and prepare for any market corrections that may arise.
The Bull Bear Power (BBP) reading of 0.00112 on the JASMY 4-hour price chart and its upward movement add to the positive feeling in the market, with the market hinting that a more major rise is on the way. This increase underscores the current session’s strong purchasing trend, as investors remain optimistic about the market’s short-term outlook.
When the stochastic RSI is above the signal line, as it is now, it indicates that purchasing pressure is more significant than selling pressure in the market and predicts more bullishness. This change suggests that the bull’s vigor is still strong and that the uptrend will continue for some time.
If JASMY is to keep climbing higher, bulls need to keep pushing prices above the current resistance level.
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