JasmyCoin (JASMY) price pumps 60% but still trades 93% lower than its ATH

YEREVAN (CoinChapter.com) – JasmyCoin (JASMY), an IoT token for data security and sharing services, jumped over 60% in the previous four days. As a result, JasmyCoin price stood at $0.026 ahead of the London session opening bell.

However, the digital asset flashed conflicting technicals on the daily and the four-hour charts while still trading over 93% lower than its opening price in late Nov. 2021. Notably, the Jasmy token met a confluence of support on Apr. 18, from an upward-sloping trendline on the chart below and the $0.017 line signifying the local bottom.

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Additionally, the MACD indicator printed a bullish reversal and the first green candle on the histogram month-to-date. However, the trading volumes that shot up in the previous two days declined on Apr. 21, indicating an upcoming cool-off.

JasmyCoin (JASMY) 4h chart

Moreover, zooming in on the low time frame chart did not make the future JASMY trajectory clearer. The price action had formed a Falling Channel pattern, better visible on the four-hour chart.

The formation consists of two parallel trendlines that drive the value down while maintaining a steady price swing. As a result, the token consecutively retests the Channel’s support and resistance, maintaining its predictive value.

Jasmy token broke the Channel’s resistance on Apr. 19 and registered a Golden Cross between the 20-4h exponential moving average (EMA-20) and the EMA-50. In detail, the charts register a Golden Cross any time a short-term MA crosses above a long-term MA. The formation predicts further gains for as long as MAs maintain the described position.

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However, the declining trading volumes rang bearish bells on the 4h chart as well. Generally, s diversion between price action and trading volume bias means the bulls are not putting enough weight behind the rally. If that’s the case, JASMY price might soon subside.

What drove the rally?

For now, the Japan-based digital asset made noise on social media, ranking #5 in the top 10 with leading combined social and market activity.

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Moreover, China-based crypto exchange BitKan included Jasmy futures and called the coin an “innovative tokenized platform that champions the democratization of data by combining blockchain and IoT technology together.”