Key Takeaways:
- JASMY price eyes a looming decline, based on a bearish setup.
- JasmyCoin scored several key partnerships that could help recover the JASMY token value.
YEREVAN (CoinChapter.com) – JasmyCoin (JASMY) price lost 20% in the previous week and traded at $0.077 in the New York session Thursday. Japan-based coin flashed more bearish signs as it consolidated after bottoming on Dec 20. As a result, the token formed a Symmetrical Triangle on the daily chart.
The Symmetrical Triangle features two trendlines with an equal slope. The setup is a continuation pattern, i.e., it predicts the trend prior to the Triangle to continue after the token exhausts the formation. Thus, Jasmy could decline further. In hindsight, the token traded 76% lower than its Nov 3 high of $0.33.
Additionally, the relative strength index (RSI) bobbed close to 40, indicating traders’ low expectations of the asset. However, the digital asset bled along with the crypto market as a whole. Thus its future bias could depend on the overall crypto ambiance.
Also read: How Ethereum (ETH) outperformed Bitcoin (BTC) in 2021.
That said, JasmyCoin enjoyed more adoption in early January, as Binance featured the coin in Binance Savings.
JasmyCoin collaborations with Binance Savings
Binance tweeted the news on Jan 5, adding that users can earn up to 35% annual percentage yield (APY) on JasmyCoin, through Binance Savings. In hindsight, the latter is a value-added service to Binance users who hold idle digital assets.
Flexible APY would stand at 5% and locked APY at 35%. In detail, locked APY refers to yields from locked staking, i.e., keeping the assets tied to the platform for a certain period. Flexible APY entails the ability to withdraw the amount off Binance.
Moreover, JasmyCoin announced another potentially fruitful partnership on Dec 27: decentralized identity developer MetaVisa. The company presents itself as a “layer-3 middleware protocol, dedicated to developing decentralized identity and building a credit system in the Metaverse.”
This collaboration aims to achieve interoperability between the two blockchain ecosystems using NFT and other technologies. While this NFT bridge is still under construction, it will launch to all users in the near future. This is also an important opportunity for Jasmy as their major inroad into the Metaverse market.
specified the announcement.
Also read: Top 10 crypto influencers enthusiasts should watch out for in 2022.
New partnerships could help JASMY roll into a bullish phase. However, as of Jan 6, the daily chart hints at a bearish scenario. The upcoming sessions will shed light on JasmyCoin’s future direction.
