invezz.com
Jasmy Coin (JASMY) price has made a spectacular comeback in the past few days as investors cheer the ongoing cryptocurrency rally. The coin has risen to $0.0040, the highest level since August 15th. It has risen in the past 11 straight days, the first time such a thing happened on record.
Japan’s Bitcoin is booming
Jasmy, popularly known as Japan’s Bitcoin, has been on a strong uptrend in the past few days. This rally happened as sentiment in the crypto industry improved, which has pushed most coins up sharply recently.
Bitcoin has soared from last month’s low of $24,800 to $35,000 while the total market cap of all cryptocurrencies has jumped to over $1.2 trillion. In most cases, altcoins like Solana and Jasmy rise when Bitcoin is thriving.
There are three main reasons why Bitcoin and other tokens are rising. First, there are signs that the Securities and Exchange Commission (SEC) will approve a spot Bitcoin ETF. That will be a pivotal move that is expected to lead to more institutional investor inflows.
Second, many contrarian investors believe that Bitcoin is a better investment as US public debt surges. The government has accumulated over $33.6 trillion in debts in the past few years. This debt has risen by more than $600 billion in the past few weeks alone.
Therefore, investors believe that Bitcoin is a good digital version of gold. Third, BTC has outperformed other assets in the past few decades. It has done better than gold, silver, and American stock indices like the Dow Jones and the Nasdaq 100.
In the case of Jasmy, there are signs that traders are also pumping the token in social media platforms like Twitter and StockTwits. It was one of the most trending coins in these platforms.
Jasmy Coin price forecast
JASMY chart by TradingView
The daily chart shows that the Jasmy coin has made a strong comeback in the past few days. This rebound was in line with my last JasmyCoin prediction. Along the way, the coin has crossed the descending trendline that connects the highest swings since June 25th.
It has also risen above the 50-day and 200-day Arnaud Legoux Moving Averages (ALMA). Also, the Relative Strength Index (RSI) has moved to the extreme overbought level. Therefore, I suspect that the coin will pull back soon and then resume the bullish trend to the key resistance point at $0.0047, the highest point on June 24th.
The post Jasmy Coin price just broke a key record as Japan’s Bitcoin surges appeared first on Invezz