Jasmy price eyes a 30% surge as bottoming signs emerge

JasmyCoin price has risen for two consecutive days, reaching its highest level since October 24 as confidence in the crypto industry improves.

Popular Japanese token JasmyCoin (JASMY) climbed to an intraday high of $0.022, up over 23% from its lowest point this week.

This rally is in line with the broader recovery in the crypto market and the fear and greed index shifting from neutral to greed territory at 62. Traders are expecting further gains after Donald Trump wins the presidential election.

JASMY’s rise was accompanied by an increase in futures open positions, which reached over $28.4 million, reaching its highest level since October 25. This marks a significant increase from this week’s low of approximately $2.9 million.

Jasmy also jumped as it was seen in Japan as an alternative to cryptocurrency Bitcoin (BTC), which rose to a record high above $75,000 on Wednesday.

Optimism in the market continued as investors looked forward to potential gains. Analyst The Crypto Titan, who has over 14,000 followers, hinted at a possible uptrend by suggesting a bullish pennant formation in an X post.

Jasmy price shows signs of bottoming JSMY price chart | Source: crypto.news

Meanwhile, there are signs that the JasmyCoin token is starting to hit bottom. On the daily chart, we see that JSMY coin has formed a double bottom formation at $0.0172. In most periods, this is one of the most popular bullish signals in the market.

Jasmy is trying to reverse the descending trend line connecting the swing high on August 23, October 15, and October 22.

Additionally, Jasmy has broken above the 200-day Exponential Moving Average and is approaching the 50% retracement point.

Therefore, the cryptocurrency will likely continue to rise as the bulls target the key resistance at $0.0254, which is the neckline of the double bottom formation. If this happens, this means the coin will recover by around 30% from the current level.