Can JasmyCoin Continue To Thrust Higher or Head For A Correction

31 Mei

Can JasmyCoin Continue To Thrust Higher or Head For A Correction
Over the past week and month, JasmyCoin has exhibited a strong bullish trend, achieving gains of 50% weekly and 83% monthly.
The RSI line has entered an overbought zone pointing to a possible correction on the horizon

JamsyCoin (JASMY) has delivered a robust performance rising 50% a week and 83% a month. The price soared around the rumors about a partnership with Apple which caused a big leap of over 24% in the previous intraday sessions.

Though the rumors have faded away, still the JASMY price is holding strong indicating a further potential to rise. Along with a surge in momentum, there has been a significant development in the volume inflow and RSI indicator which has entered an overbought region.

Let's explore in detail what impacts those developments could leave on the JASMY price,whether the price is going to shoot up more or cool down for a profit booking.
JASMY Volume Inflow Explodes By 300% A Day!
The JasmyCoin has shown a remarkable growth in the recent sessions and emerged as one of the top performing altcoins. Moreover, the bullish surge is backed by a massive rise in the volume inflow.

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As per coinmarketcap.com the volume inflow has exploded by 330% in the past 24 hours reaching $516.48 Million a day. The rise in volume inflow suggests the increasing participation of the investors which may possibly result in an increased demand.

Moreover, the Volume to market capitalization ratio has reached 38.59% indicating high volatility in the crypto. Also, the circulating supply was 49.299 Billion JASMY tokens constituting about 98% of the total supply.
Investor’s Anticipate Another 20% Rally Before A Correction
From a technical point of view, A week ago, the JASMY crypto made a breakout of a trendline resistance and has never looked back. The crypto has achieved an impressive 50% gain since breakout of a trendline resistance.



However, at the time of writing, the RSI line has entered an overbought zone and was placed at 77.57 points. whereas, the SMA line was at 64.46 points. The RSI entered an overbought zone indicates a possible correction or consolidation before making another big leap.

However, the Price is rising momentum and continues to show gains until the bulls keep on defending the previous day's low. On the higher side, Investors are anticipating a 20% potential before heading for a profit booking.
Conclusion.
JasmyCoin has seen a significant rise, gaining 50% a week and 83% a month. A 330% surge in trading volume to $516.48 million indicates high investor interest, which could drive demand. The volume-to-market cap ratio at 38.59% suggests volatility.

Moreover, Technical analysis shows a 50% gain since a trendline breakout. However, the RSI at 77.57 points signals overbought conditions, hinting at a potential correction. Still, the price maintains momentum, and investors expect up to a 20% increase before any major profit-booking occurs.