JasmyCoin (JASMY) is one of the best performers in the market as it hit the $0.0061 resistance level earlier today. The coin found support at a key level earlier this week.
The rally is fueled by growing bullish sentiment, with Santiment data indicating that certain whales are accumulating JASMY tokens.
The technical analysis also suggests that JASMY could rally higher as the indicators show early bullish signals.
JASMY surges 10% as whales accumulate 140 million tokens
JASMY is up by 10% in the last 24 hours, thanks to improved sentiment in the market.
Santiment’s Supply Distribution data supports the current market conditions, with whales buying JASMY at recent price dips.
The Supply Distribution data shows that whales holding between 10 million and 100 million tokens have accumulated 140 million Jasmy tokens since Monday.
During the same period, 1 million and 10 million JASMY tokens have shed, 30 million tokens.
The data shows that the bigger whales accumulated JASMY at a discount as they believe its price would surge higher in the near to medium term.
JASMY eyes the $0.00665 resistance after finding support at a key level
The JASMY/USD 4-hour chart is bullish and efficient.
At press time, it is trading around $0.00591 after failing to overcome the 4-hour Transactional Liquidity (TLQ) level at $0.00641.
The 9-day Simple Moving Average (SMA) is below the 50-day SMA. Both slopes are downward, indicating that the broader bias remains bearish as sellers remain in control.
However, JASMY remains above the short-term average, and it is still trading below the 50-day moving average.
The Moving Average Convergence Divergence (MACD) lines are converging, showing a bullish crossover on the 4-hour chart.
The Relative Strength Index (RSI) stands at 58 (above neutral), edging higher and hinting at growing bullish pressure.
If the bullish trend continues, JASMY could face initial resistance around the 50-day SMA at $0.0069.
The support level at the 9-day SMA near $0.0056 will need to hold for JASMY to embark on an extended rally.
Measured from the $0.0103 high to the $0.0045 low, the 38.2% Fibonacci retracement at $0.0067 could serve as another major resistance level.
The next major resistance level is the 61.8% retracement at $0.0081.
However, if the daily candle closes below the $0.0056 support level, JASMY could extend its correction in the near term.
The next major support level would be around the $0.0048 weekly zone.
An extended bearish performance could see JASMY retest the Friday low of $0.00451 over the next few hours or days.
Currently, the market conditions are bullish, with momentum indicators suggesting that JASMY could extend its recovery to new levels in the near term.
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