Jasmy Coin (JASMY) Price Prediction 2023: Will JASMY Hit $5 Soon?

Jasmy Coin price has done well in the past few days even as other cryptocurrencies retreated. It jumped to a high of $0.0388 on Monday morning

The price of Jasmy Coin has performed well in the past few days, even as other cryptocurrencies experienced a decline. On Monday morning, the token surged to a high of $0.0388, indicating an increase of nearly 18.5% from its lowest point on Friday. It is also gradually approaching the highest point for the year, which currently stands at $0.04475.

Investors are buying the dip, which is a common practice, especially for popular coins that experience a downturn. In the case of Jasmy, which is also known as "Japan's Bitcoin," the token experienced a decline of almost 30% from its highest point this month before the current rebound.

The recent surge in Jasmy's price may be attributed to a positive article published in Binance Square. In the article, the author expresses optimism about the possibility of the token surging to over $5 in the near future. The author's analysis highlights a similarity in the price pattern of Jasmy to that of Cardano in 2021, which preceded a significant price increase for Cardano. However, it is essential to note that a Jasmy price forecast that anticipates an increase from the current price of $0.038 to $5 would be considered quite ambitious.

Another factor contributing to the increase in Jasmy's price is speculation among traders regarding a potential partnership between the network and Nvidia, which is currently the third-largest company in the world. This speculation arose following Nvidia's announcement that it will be establishing AI infrastructure in Japan.

Furthermore, the government is planning to invest a substantial sum of $740 million in the development of AI infrastructure within the country. While this news may be encouraging, it is crucial to approach the speculation regarding a partnership with Nvidia with caution. The company has largely refrained from making direct investments in the crypto space.

In a related development, demand for decentralized public infrastructure (DePIN) has surged, leading to an increase in the prices of tokens associated with this sector. A recent study revealed that DePin applications have collectively achieved over $25 billion in market capitalization, driven by rising demand.

Jasmy is notably positioned as one of the leading players within the DePIN industry. The platform essentially enables users to store and manage their data.

The daily chart provides a visual representation of Jasmy's price movements. As indicated by the chart, the token experienced a peak of $0.04468 this month, followed by a sharp decline to $0.03150. During this price action, a morning star pattern emerged, which is commonly recognized as a bullish reversal candlestick.

Throughout the period, Jasmy remained above the 50-day Exponential Moving Average (EMA), signaling the presence of bullish momentum. Additionally, the token remained above a crucial support level of $0.02757, which corresponds to the highest point attained on March 4th.

Technical indicators, such as the Relative Strength Index (RSI) and the Stochastic Oscillator, both displayed an upward trend. Based on these observations, it is likely that the token will continue to experience buying pressure, leading to a potential rally towards the highest point for the year, which currently stands at $0.004468. This target is approximately 20% higher than the current price.

On the other hand, if Jasmy were to experience further sell-offs, confirmation of this trend would be provided by a decline below the morning star's lowest point of $0.03150.

News source：https://www.kdj.com/cryptocurrencies-news/articles/jasmy-coin-jasmy-price-prediction-jasmy-hit.html

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