Jasmy Price Has Held Steady, Soaring to Its Highest Point Since March 3

JasmyCoin, often known as Japan's Bitcoin, has soared to a high of $0.0177, its highest point since March 3. It has soared by over 94% from its lowest point this year.

The price of Jasmy (CRYPTO: MYMY) has surged to its highest point since March 3, and it may continue to rise further in the coming weeks, technical analysis shows.

What Happened: Japan’s Bitcoin, as JasmyCoin is often called, has soared to a high of $0.0177, and it has surged by more than 94% from its lowest point this year.

The main reason why the price of Jasmy has surged in the past few days is due to its technical aspects, which Benzinga covered here.

The chart above shows that the coin recovered after it formed a significant falling wedge chart pattern, a popular bullish reversal sign.

This pattern comprises two descending trendlines that move slowly in a converging manner. A breakout is expected when these two lines are nearing their confluence point, and it usually happens in a strong manner.

This confluence formed late last month, which explains why it has made a strong bullish breakout.

The coin has retested a crucial resistance level, which was its lowest point in August and November last year. It has also moved above the 50-day moving average and formed a bullish flag chart pattern.

Hence, the price of JasmyCoin will likely have a strong bullish breakout in the coming weeks, with the next point to watch being the psychological point at $0.25, up by 53% above the current level. A drop below the year-to-date low of $0.0081 will invalidate the bullish outlook.

Why It’s Important: One technical reason why the price of Jasmy may surge soon is that it may be starting the impulse phase of the Elliott Wave pattern. This phase is usually comprised of five phases, with the first one being bullish, followed by a bearish one. The third phase is often the longest one.

Another reason is based on the macro factor as signs show that the U.S. economy may be moving into a recession.

Such a move will likely lead to an intervention by the Federal Reserve, which may be in the interest of a interest rate cut by the Federal Reserve. Historically, such moves often result in strong bullish breakouts for risky assets like Bitcoin and Jasmy.

Furthermore, on-chain metrics point to more upside. One of these numbers is the Z score of the MVRV indicator, which has been in a strong bull run after bottoming at minus 2.2 earlier this month. It is about to cross the neutral point, signaling that the coin is gaining momentum.