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While Bitcoin (BTC) and other leading cryptocurrencies have been making headlines with their recent gains, an often overlooked altcoin, JasmyCoin (JASMY), has generated a staggering 861% surge so far this year, surpassing the Top 100 chips in the market. As of Thursday, JASMY broke out of a seven-month consolidation phase and rose to $0.054.
The Altcoin surpasses the main cryptocurrencies
In addition to its impressive annual performance, JasmyCoin has seen notable gains in shorter periods of time, recording increases of 118%, 162%, and 211% in the last seven, fourteen, and thirty days, respectively.
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Market experts anticipate that the overall market bullish trend could continue at least until the second quarter of 2025, suggesting further growth potential for JASMY, which remains 98% below its all-time high of $4.79, reached during the 2021 bull market.
However, with further gains expected in the coming months, potentially reaching a cycle high in October 2025, Ethereum (ETH), the second largest cryptocurrency, will play a key role as it often paves the way for further price appreciation like the altcoin in question.
But what exactly is JasmyCoin and why has it attracted significant investment in recent weeks?
JasmyCoin Targets Key Resistance Levels
JasmyCoin is the native token of the Jasmy platform, which aims to democratize the use of data by integrating block chain and Internet of Things (IoT) technologies.
The platform provides a decentralized and secure infrastructure that allows people to control and monetize their personal data. Users can store and manage their data securely while granting access to companies with their consent.
Built On the Ethereum blockchain, this altcoin is an ERC-20 token with a total supply of 50 billion tokens. Its primary uses include data transfer and storage, payment for services, facilitating market entry for institutional investors, offering crypto loans, and optimizing tax strategies.
In contrast to Bitcoin’s 120% year-to-date gains following its recent all-time high of $104,000, JASMY has significantly outperformed the largest digital asset.
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According to CoinGecko dataBitcoin saw a 64% increase in trading volume compared to Wednesday, while JasmyCoin saw a nearly 100% increase in trading volume over the same period.
As JasmyCoin continues its upward trajectory, technical analysis reveals critical resistance levels at $0.063, $0.067, and $0.070 on its daily JASMY/USDT chart, heights not seen since January 2022. These levels could pose challenges for future price increases for the altcoin.
On the contrary, key support levels to monitor include $0.040, which is vital to maintaining bullish momentum, and $0.031. Maintaining these support levels will be crucial for the altcoin as it aims to approach the $0.10 mark.
Featured image of DALL-E, chart from TradingView.com
