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Will JasmyCoin Continue To Rise Or Will It Head For A Correction

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JasmyCoin (JASMY) has delivered a robust performance rising 50% a week and 83% a month. The price soared around the rumors about a partnership with Apple which caused a big leap of over 24% in the previous intraday sessions. 

Though the rumors have faded away, JASMY price is holding strong highlighting potential for a rise. Along with a surge in momentum, there has been a significant development in the volume inflow and RSI indicator which has entered the overbought region.

JASMY Volume Inflow Explodes 300% Intraday!

JasmyCoin has shown a remarkable growth in recent sessions and emerged as one of the top performing altcoins. Moreover, the bullish surge is backed by a massive rise in the volume inflow.

As per CoinMarketCap, the volume inflow has exploded by 330% in the past 24 hours reaching $516.48 Million intraday. The rise in volume inflow shows increasing participation of the investors which could result in increased demand. 

Moreover, the volume to market capitalization ratio has reached 38.59% indicating high volatility in the crypto. Also, the circulating supply was 49.299 Billion JASMY tokens constituting about 98% of the total supply. 

Investor’s Anticipate Another 20% Rally Before a Correction

From a technical point of view, a week ago, the JASMY crypto broke out of a trendline resistance and has never looked back. The crypto has achieved an impressive 50% gain after breaking out of a resistance level.

   

At the time of writing, the RSI line has entered an overbought zone and was placed at 77.57 points. whereas, the SMA line was at 64.46 points. The RSI entered an overbought zone indicates a possible correction or consolidation before making another big leap. 

However, the price shows a rise in momentum and may continue to show gains until the bulls defend the previous day’s low. On the higher side, investors are anticipating a 20% rally before heading for a profit booking.

Conclusion

JasmyCoin has rose sharply, gaining 50% a week and 83% a month. A 330% surge in trading volume to $516.48 Million highlights high investor interest, which could drive demand. The volume-to-market cap ratio at 38.59% suggests volatility.

Moreover, Technical analysis shows a 50% gain since a trendline breakout. However, the RSI at 77.57 points signals overbought conditions, hinting at a potential correction. Still, the price maintains momentum, and investors expect up to a 20% increase before any major profit-booking occurs.

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