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JasmyCoin price rose for two consecutive days, reaching its highest level since Oct. 24 as sentiment in the crypto industry improved.
JasmyCoin (JASMY), the popular Japanese token, climbed to an intraday high of $0.022, up by over 23% from its lowest point this week.
This rally aligned with the broader rebound in the crypto market and a shift in the fear and greed index from neutral to the greed zone at 62. Traders are anticipating further gains following Donald Trump’s presidentical election win.
JASMY’s rise was accompanied by an increase in its futures open interest, which surged to over $28.4 million, the highest since Oct. 25. This marked a significant increase from this week’s low of approximately $2.9 million.
Jasmy also jumped because it is often seen as a Japanese alternative to Bitcoin (BTC), a crypto coin that surged to a record high of over $75,000 on Wednesday.
Market optimism remained as traders looked forward to potential gains. In an X post, The Crypto Titan, an analyst with over 14,000 followers, pointed to a possible bullish breakout, citing a bullish pennant pattern.
$JASMY (Daily) $JASMY 20% + 📈 so far, within a single day in spot. 🎉 Congratulations to everyone.
— The Crypto Titan's (@cryptotitans11) November 6, 2024
I already told you yesterday it will make a super bounce 📈 as it's a strong demand area 🕯
Now anticipating more pump 🚀 from $JASMY as it's currently on the verge of… https://t.co/72nXriz0Tm pic.twitter.com/4xkPSYs74R
Jasmy price is showing bottoming signs
Meanwhile, there are signs that the JasmyCoin token has started to bottom. On the daily chart, we see that the JASMY coin formed a double-bottom pattern at $0.0172. In most periods, this is one of the most popular bullish signs in the market.
Jasmy is attempting to flip the descending trendline that connects the highest swing on Aug. 23, Oct. 15, and Oct. 22.
Additionally, Jasmy has risen above the 200-day Exponential Moving Average and is nearing the 50% retracement point.
Therefore, the coin will likely continue rising as bulls target the key resistance point at $0.0254, the neckline of the double-bottom pattern. If this happens, it means that the coin will rebound by about 30% from the current level.