During the recent 24 hours, JasmyCoin [JASMY] has witnessed a robust increase, hitting a peak not seen in two years at $0.0594.
Throughout this period, JASMY fluctuated between a low of $0.039 and a high of $0.059, resulting in a surge of 34.3%. Moreover, its trading volume saw a significant uptick of 140.82%, reaching $2.14 billion.
This upward trajectory has led to 85.26% of investors, or 66.89k addresses, profiting, while 2.24% of investors, or 1.75k, are at the breakeven point.
With this digital currency experiencing a notable upward trend and profit margins, one must question the driving forces behind this rally and whether JasmyCoin can maintain its momentum.
Is JASMY equipped to uphold the current upward trend?
According to the analysis conducted by CryptoCrypto, JasmyCoin is currently benefiting from positive market sentiment and an increased demand.
For instance, there has been a significant surge of 91.76% in active addresses for JASMY, escalating from a low of 3.4k to 6.52k. The rise in active users indicates an upsurge in demand, network activity, and adoption, which typically propels prices upwards.
Moreover, the number of substantial transactions has spiked by 176.43%, climbing from a low of 140 to 387. An increase in such transactions suggests that influential investors, known as whales, have entered the market and are actively participating.
When whales start acquiring an asset, it signifies their confidence in the asset’s future value.
There is clear evidence of whale accumulation through augmented inflows among significant holders. In the past day, this influx has surged from 695.77 million to 1.12 billion.
This surge in capital inflow from major holders generates buying pressure, thereby exerting upward pressure on prices.
Over the previous week, the Long/Short discrepancy for JASMY has surged from 22.53% to 78.41%. This prominent upswing indicates that long-term holders are increasingly entering profitable positions. The rising profit margins among whales further showcase their confidence as they continue to retain their holdings.
In summary, JasmyCoin is undergoing a robust upward trend, with both whales and individual traders displaying a growing interest and demand. As investor sentiment becomes more favorable, it sets the altcoin up for additional gains through a tightening supply.
If these circumstances persist, JasmyCoin is likely to reach the $0.059 benchmark once more and aim for the resistance level at $0.06. A subsequent corrective phase in the market could potentially lower JasmyCoin to $0.047.