JasmyCoin(JASMY) flashes conflicting technicals amid growing adoption

Key Takeaways:

• JASMY, the in-house token of JasmyCoin, an IoT (internet of things) token for data security and sharing services, printed conflicting technicals on its daily chart.

• JasmyCoin adoption grew with a new top-league exchange listing, an NFT Marketplace partnership, and a collaboration with Japan’s leading travel agency.

YEREVAN (CoinChapter.com) – Ethereum-based crypto asset JasmyCoin(JASMY) declined throughout the previous six weeks, despite its explosive foray into Q4 2021. In hindsight, the asset had gained 1,778% in October, peaked at $0.33 on Nov 3, and has consolidated ever since.

The month-to-date loss stood at 47%, as JASMY price struggled to stay above $0.08. However, the IoT token hinted at an upcoming reversal while simultaneously persisting with bearish signs.

JasmyCoin’s bullish hints

JASMY formed a bullish reversal setup dubbed ‘Falling Wedge.’ The pattern entails two downward-sloping trendlines that constrict the price action and lower the price swing as the Wedge progresses. The digital asset came close to exhausting the pattern in the Thursday session.

JASMY will break the Wedge’s resistance and start a new leg up if the prediction pans out. Moreover, the lowering trading volume could also indicate a HODLing incentive. If traders would rather keep their JASMY than trade it, the price will likely rise.

Also read: Bitcoin poised for a smooth medium-term bull run as U.S. treasury yields flatten.

The lowering trading volume could also mean declining interest. However, statistics from Coinbase show that 74% of Jamsy traders buy the coin, and only 26% sell, which backs the bullish holding premise.

Despite the positive signs, JASMY flashed bearish hints as well.

JASMY Bearish after all?

JasmyCoin printed a bearish Death Cross on the daily chart. The formation occurred between the 20-day exponential moving average (EMA) and the 50-day EMA. The EMA-20 dropped below the EMA-50 on Dec 7, signaling more loss ahead for the digital asset.

The Death Cross is a result of the price fluctuation and not a cause. However, once the pattern occurs, JASMY bulls will have to work hard to reverse it.

Also read: Bloodbath in crypto market as Bitcoin, Ethereum gasp for breath

Moreover, the ubiquitous consolidation on the crypto market as a whole might dampen JesmyCoin’s bullish attempts. The total crypto market cap lost 16% month-to-date, bobbing at $2.25 trillion. If the consolidation continues further, with leading coins bleeding double digits monthly, JASMY could have a hard time rallying.

Nonetheless, JasmyCoin adoption grew in the previous week, with several key listings and collaborations.

JasmyCoin adoption is growing

According to JasmyCoin’s official Twitter page, the company will be the first decentralized blockchain-based digital asset to make a foray into the tourism industry. The company collaborated with Nippon Travel Agency to boost the latter’s level of technical operations.

JASMY will use its original IoT and blockchain technologies to help Nippon Travel Agency become “a provider of customer and regional solutions”, and complete their digital transformation to future-proof their businesses

read the announcement.

JASMY Conducts Empirical Experiment with Nippon Travel Agency, Marking the First Major Application of Blockchain Technology in Tourism #JASMYhttps://t.co/LEX8LiTTYk

— Jasmy-MGT (@JasmyMGT) December 16, 2021

Moreover, JasmyCoin will be available on Japan-based NFT marketplace Sakura, as announced on Dec 14. XRoad, a blockchain-based cloud computing infrastructure and the company behind Sakura, commented that JasmyCoin integration is essential in the growing NFT Marketplace infrastructure.  

The number of JASMY listings also grew in the previous week. Crypto.com, one of the leading crypto exchanges by daily volume, announced its JESMY listing on Dec 9. Considering the exchange’s 10 million users, JASMY could expand its audience and holders.

JasmyCoin is listed in the https://t.co/vCNztATkNg App 🔔
Buy $JASMY at true cost with USD, EUR, GBP, and 20+ fiat currencies.

Download the App to start trading #JASMY now!
👉 https://t.co/jt6bDD8HsI

For more details – https://t.co/b1KHRj8Zra@JasmyMGT pic.twitter.com/FmYH87cagl

— Crypto.com (@cryptocom) December 9, 2021

Also read: METAMUSK Token, another cryptocurrency scam from Musk Metaverse?

Considering the growing adoption and the bullish technicals, the JASMY bulls could win after all, despite the negative warnings on the charts. If and when the crypto market stops the bleed and sees more green candles, JASMY is likely to follow and start a new leg up in Q1 2022 or the upcoming weeks as well.