JasmyCoin price surges following partnership with NOWPayments
- JasmyCoin price breaks above a descending channel, signaling a break in market structure from bearish to bullish.
- NOWPayments announces its partnership with JASMY in Japan.
- JASMY featured in a Forbes article for coins outperformed Bitcoin in the first half of 2024.
- A daily candlestick close below $0.0192 would invalidate the bullish thesis.
JasmyCoin (JASMY) broke above the descending channel on Sunday, extending its upward movement by 2.3% at the time of writing on Monday. The announcement of a partnership with NOWPayments, a cryptocurrency payment gateway company, coupled with a feature in a Forbes article, bodes well for JASMY, potentially setting the stage for a price rally in the days ahead.
JASMY sets for a rally following partnership with NOWPayments
NOWPayments, a leading crypto payment gateway provider, has announced via their Twitter handle a seamless solution for businesses in Japan to accept JasmyCoin payments. With NOWPayments, businesses can easily integrate JasmyCoin into their payment infrastructure, tapping into the expanding cryptocurrency market.
This integration allows businesses to track payment volumes, monitor customer trends, and analyze the performance of their JasmyCoin payment channels. These observations enable businesses to make knowledgeable choices, enhance their payment strategies, and identify growth opportunities.
Partnering with NOWPayments enables businesses in Japan to seamlessly integrate JasmyCoin payments, expanding their market reach and potential revenue streams. Embrace the future of payments with JasmyCoin and unlock new business possibilities today.
Businesses in Japan can enhance their operations with JasmyCoin $JASMY!
— NOWPayments (@NOWPayments_io) July 14, 2024
JASMY means #IoT compatibility and low fees.
There’s more - check it!#CryptoPayments #JASMY #IoT @JasmyMGT https://t.co/rIycF0LEOv
Additionally, the CFO of JasmyCoin announced on Twitter that JASMY was featured in a Forbes article highlighting the top ten cryptocurrencies with the strongest performance in the first half of 2024, achieving a remarkable 343% increase during this period.
#Forbes counted the top ten cryptocurrencies with the best performance in the first half of 2024,$JASMY: up 343%, $1.4 billionhttps://t.co/qfGTmp4PWk
— HARA (@HARA_JasmyCFO) July 15, 2024
JasmyCoin sets for a rally following a breakout of the descending channel
JasmyCoin's price broke above the descending channel pattern on Sunday, trading up 2.3% at $0.0267 on Monday. The descending channel pattern is formed by joining multiple swing high and swing low levels with a trendline from early June to mid-July, and the breakout on this pattern suggests a bullish move.
If the upper trendline holds pullback support around the $0.0248 level, JASMY could rally 35%, targeting its daily resistance level of $0.0332.
The Relative Strength Index (RSI) on the daily chart is slipping above the neutral level of 50, and the Awesome Oscillator (AO) is on its way to doing the same. If bulls are indeed making a comeback, then both momentum indicators must maintain their positions above their respective mean levels. Such a development would add a tailwind to the recovery rally.
If JASMY closes above $0.0332, it could extend an additional 17% rally to retest its June 17 daily high of $0.0389.
JASMY/USDT daily chart
However, if JasmyCoin's daily candlestick closes below $0.0192, it will indicate sustained bearish sentiment, forming a lower low in the daily timeframe. Such a scenario could lead to a 22% crash in JASMY price, targeting its daily support level at $0.0150.
Author
Manish Chhetri
FXStreet
Manish Chhetri is a crypto specialist with over four years of experience in the cryptocurrency industry.
