Japan’s Bitcoin, JasmyCoin, is standing on the edge. A threatening formation has surfaced which could induce the price to crash as whale wallets bleed out tokens. So, is that the end of the line for Jasmy’s bullish fantasies?
It appears the Jai coins have put on an astonishing comeback! After the dips in April, JASMY has flown 130% higher than $0.018 on Friday. Clearly, said meteoric rise has pushed the market cap past all boundaries, almost on an $938 million mark.
JASMY whales dumping their bags! The Santiment data shows the major holders offloading in masses, accentuating the 68% stumble that the token had from its December peak. Is this the beginning of the end for JASMY?
Crypto whales are shrinking their holdings, having shed off-about nearly 2 billion coins since February alone. Presently, whale wallets are holding 26.58 billion coins, a considerable dip from the yearly high of 28.45 billion. A new market dawn, or merely whales adjusting their big portfolios? Meanwhile, the crypto seas churn.
Despite the recent price rally, deep-pocketed whale wallets continued to shrink their holdings. Come the beginning of May, whales were in control of a staggering 26.6 billion units. As of today, they rank at 26.58 billion, a subtle yet significant exit from the deep.
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Crypto investors watch whale activity because these participants are seen as more sophisticated and experienced than retail traders.
Jasmy on-chain data | Source: Santiment
Growing alarm bells amidst Jasmy, as exchange stockpiles ballooned from 15.83 billion to a stunning 15.9 billion Jasmy tokens in just days. Is this just a precursor to the sell-off?
Rising balances in exchanges could be the ominous red flag if one believes that investors are intruding on exchanges and withdrawing from their personal wallets. Such an outward flow of funds usually signals only one thing: a sell-off on the horizon.
JasmyCoin exchange balances are rising | Source: Nansen
Think of a world in whichyourdata belongs toyou. This is the dream behind Jasmy, which began as a cryptocurrency in 2016 triggered from ideas of former Sony engineers. This isn’t just another coin; it is a whole new frontier in data ownership. Jasmy offers you the ability to own a personal “data locker,” which keeps safe the kind of data that would be created by the ever-connected devices around you. Now imagine this data locker as your own private island amid the large ocean of Internet of Things, fortified with the strongest of blockchain security systems. Being able to store data means little if it doesn’t give you back a layer of control over your life, and that is exactly what Jasmy seeks to provide through decentralized data management.
JASMY price technical analysis
Jasmy price chart | Source: crypto.news
JASMY price charts tell a story of a strong comeback. Following a low of $0.00825 set during April, the price recently surged to break an important barrier. The $0.01620 level, a former topline resistance, had been tested as a low on 4 November; it is now a reinforced support level rallying bullish spirit.
Jasmy’s rally meets the wall at 200 EMA, where bullish momentum sputters and fades away. Now, with lines drawing ever closer, a rising wedge, that most unkind omen, completes on the chart, whispering promises of a sharp reversal. To throw in the last nail in the coffin, the MACD displays a bearish divergence, a crimson distress flare that signals underlying weakness in spite of the rising prices.
In the latest JasmyCoin chronicles, our coin has found itself precariously perched atop an incipient precipice. Buckle in, for the approaching weeks may very well bring on a bearish maelstrom that shall sweep through the supports; its first stop being $0.01620. The real kicker comes when people contemplate a freefall all the way down to the horn-noting psychological level of $0.0010.
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Thanks for reading Jasmy price forms a risky pattern as whales offload
