JasmyCoin price went parabolic this week, reaching its highest level since 2022 as Bitcoin rallied and after starting a partnership with IoTeX.
JasmyCoin (JASMY), popularly known as Japan’s Bitcoin (BTC), was trading at $0.052, up by 1,000% from its lowest level this year.
The coin’s rally was largely attributed to Bitcoin’s surge, which hit a record high of $104,000 on Thursday. Other Bitcoin-related cryptocurrencies like Litecoin, Bitcoin Cash, and Ravencoin also experienced significant gains.
Jasmy also benefited from an increase in the number of holders. According to CoinCarp, the number of account holders has grown to nearly 80,000, up from 76,300 last month.
Meanwhile, Jasmy also rallied after inking a partnership with IoTeX (IOTEX), a leading player in the Internet of Things industry. This partnership will help to drive DePIN innovation in Japan, one of the top markets for the crypto industry. Cryptocurrency prices often rally after a major partnership deal.
🫂 IoTeX and Jasmy Team Up to Bring DePIN to Japan!
💪 @iotex_io is partnering with @JasmyMGT, a leading force in Japan's blockchain space and a member of the @coinbase 50 Index, to bring #DePIN to Japan!
💥 This collaboration combines Jasmy's expertise with #IoTeX's… pic.twitter.com/xDwmOtjpQ1
— ⚡️Smart Crypto News ⚡️ (@SmartCryptoNew1) December 5, 2024
JasmyCoin has become one of the most popular cryptocurrencies recently, which has helped its market cap to get to $2 billion. The platform, created by former Sony executives, aims to enhance data privacy by integrating blockchain technology with IoT.
Jasmy price analysis
The daily chart shows that Jasmy has performed strongly this year, driven by rising demand for cryptocurrencies. It has formed a golden cross, with the 50-day and 200-day moving averages crossing each other.
The coin has also completed a cup and handle pattern, a common continuation signal.
A C&H pattern forms when an asset rises to an initial peak, creates a rounded bottom, and then retests the peak. Jasmy has now moved above the upper side of the cup, signaling potential further gains.
The profit target is calculated by measuring the depth of the cup and projecting that distance above the upper side of the cup. This suggests the coin could rise to $0.075, approximately 50% above its current level. This target aligns with the ultimate resistance of the Murrey Math Lines.
The bullish outlook will be invalidated if Jasmy price falls below the strong pivot and reverse level of $0.03662.
