JasmyCoin ( JASMY ) recovered strongly as whales accumulated: Is the upward momentum sustainable?

The price of JasmyCoin (JASMY) has bounced back, currently trading above 0.016 USD on Tuesday afternoon, after a slight adjustment in the previous session. Signals from on-chain data and the derivatives market are bolstering the bullish scenario, as many whale wallets are quietly accumulating JASMY, while the number of buy orders has surged to the highest level this month — signaling that a breakout may be imminent.

On-chain data and derivatives reveal bullish signals for JasmyCoin

According to Supply Distribution data from Santiment, a whale wallet holding between 1 million to 10 million JASMY ( the yellow line on the chart ) has unexpectedly "gobbled up" an additional 40 million tokens in just three days, from Sunday to Tuesday. This aggressive move not only increases the holding ratio but also demonstrates the clear confidence of investors, thereby providing additional potential momentum for the price of JasmyCoin as buying pressure continues to rise.

JasmyCoin Supply Distribution Chart | Source: SantimentMeanwhile, the Exchange Netflow from CryptoQuant recorded 54.49 million JASMY withdrawn from exchanges on Monday. A significant outflow of funds from exchanges is often a positive signal, indicating that selling pressure is decreasing considerably.

The net cash flow chart of JasmyCoin on the exchange | Source: CryptoQuantThe bullish picture becomes even brighter as data from CoinGlass reveals that the long-to-short ratio of JASMY has reached 1.07 – the highest level in over a month, reflecting the spreading optimistic sentiment in the trading community.

Long-to-short ratio chart of JASMY | Source: CoinGlass## JasmyCoin price prediction: Momentum indicators maintain a bullish trend

The price of JasmyCoin has found an important support level at the rising trend line connecting the lows from mid-June, at the beginning of August, and quickly bounced up by 10.29% in just the past week. As of Tuesday noon, this coin continues to recover, maintaining trading above the 0.016 USD mark.

If JASMY breaks out and closes firmly above the weekly resistance level at 0.0175 USD, the bullish momentum may extend, aiming to reclaim the peak of July 21 at 0.028 USD.

JASMY/USDT Daily Chart | Source: TradingViewOn the daily chart, the Relative Strength Index (RSI) has reached 55 points and is trending upward, surpassing the neutral threshold of 50 – a signal indicating that bullish momentum is strengthening. At the same time, the MACD indicator also recorded a bullish crossover on Sunday, issuing a buy signal and opening the possibility of a new upward trend.

Conversely, in the case of JASMY correcting, selling pressure may pull the price back to the support zone around 0.015 USD before finding the next recovery momentum.

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