The price of JasmyCoin continues to gain on Thursday after finding support around the weekly level at $0.0048.
Santiment data shows that some whale wallets are accumulating JASMY tokens.
Technical forecasts indicate further gains, with momentum signals suggesting an early rise.
JasmyCoin ($JASMY ) continues its gains, trading above $0.0061 after finding support at a key level earlier this week. Bullish sentiment is strengthened as Santiment data indicates that some whales are accumulating JASMY tokens. Technically, JASMY suggests further upside, with early bullish signals emerging from momentum indicators.
Whales accumulate 140 million tokens
Supply distribution data from Santiment supports a bullish outlook for JasmyCoin, as some whales are buying JASMY at recent price dips.
The metric indicates that whales holding between 10 million and 100 million tokens (blue line) have accumulated 140 million Jasmy tokens since Monday. During the same period, whales holding between 1 million and 10 million JASMY tokens (yellow line) lost 30 million tokens. This shows that the first group of whales seized the opportunity and gathered JasmyCoin at a discounted price.
A chart of JASMY supply distribution. Source: Santiment
JasmyCoin Price Forecast: Retracements after finding support around a key level
On the daily chart, the price trades above $0.0061 as of Thursday. The 9-day Simple Moving Average (SMA) is below the 50-day Simple Moving Average (SMA), both trending downward, keeping the overall bias under pressure. However, $JASMY remains above the short-term average but is still constrained below the 50-day average.
The MACD line and signal line show a bullish crossover. The Relative Strength Index (RSI) stands at 47 (neutral), trending upward and indicating a waning bearish pressure. Initial resistance aligns with the 50-day Simple Moving Average (SMA) at $0.0069, while immediate support rests at the 9-day Simple Moving Average (SMA) near $0.0056.
Measured from a high of $0.0103 to a low of $0.0045, the 38.2% Fibonacci retracement level at $0.0067 limits retracements, with a 61.8% retracement level at $0.0081 acting as resistance above. A descending trendline limits progress, with resistance seen around $0.0076.
A daily close above the first Fibonacci barrier may test the higher correction level and the trendline ceiling, while failure to attract bids may reveal weekly horizontal support at $0.0048.
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