JasmyCoin (JASMY), a cryptocurrency powered by blockchain-based Internet of Things (IoT) technology, has emerged as today’s top-performing altcoin. Its price skyrocketed by 25% in the past 24 hours.
This surge has propelled JasmyCoin’s market capitalization past a major milestone. Here’s what you need to know about its recent rise.
JasmyCoin Market Cap Rises as Holders Leave the Red
On December 4, JASMY’s price was $0.040. However, today, the altcoin has outperformed every other asset in the top 100 and currently trades at $0.050. As a result, the cryptocurrency’s market cap has exceeded $2 billion.
Market capitalization, often referred to as market cap, is calculated by multiplying a cryptocurrency’s circulating supply by its current price. Consequently, an increase in price typically leads to a higher market cap, while a price decrease results in a lower market cap, assuming no new tokens are introduced into circulation.
According to Santiment, JASMY’s market cap has surged to $2.50 billion, reflecting its growing popularity among market participants and rising demand for the altcoin.
Following the surge, IntoTheBlock data reveals that 86% of JASMY holders are now in profit. Additionally, the Global In/Out of Money (GIOM) indicator shows that no holders are at a loss, with the remaining participants at the breakeven point.
The GIOM metric aggregates all address positions into clusters based on the volume or number of addresses that are purchased at specific price levels. Larger clusters indicate stronger support or resistance around those price ranges.
Looking at the chart below, JasmyCoin seems to have strong support with large clusters at price levels lower than the current value. Considering the current condition, JASMY’s price might rally toward the $1 market.
JASMY Price Prediction: $1 Could Be Coming
Based on the daily chart, JASMY’s position as the top-performing altcoin resulted from an inverse head-and-shoulders pattern. An inverse head-and-shoulders pattern is a bearish-to-bullish pattern that occurs after buyers have taken advantage of sellers’ fatigue and driven the price higher.
In JASMY’s case, the pattern has helped it breach the resistance at $0.039. With the trading volume rising, the altcoin’s value might rally above $0.052.
On the other hand, if selling pressure increases, this might not happen. In that scenario, JasmyCoin’s price might decline to $0.033. It could also lose the top-performing altcoin JASMY spot.
Disclaimer
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