The cryptocurrency market has been experiencing a significant downturn, with many altcoins, including JasmyCoin (JASMY), often referred to as Japan’s Bitcoin, facing substantial price drops. However, recent developments suggest that JasmyCoin could be on the verge of a significant recovery, driven by its focus on artificial intelligence and declining exchange balances.
The Current Market Situation
JasmyCoin has entered a bear market, falling over 53% from its December 2024 highs. The ongoing sell-off is attributed to waning sentiment across the cryptocurrency market, with most altcoins experiencing similar pullbacks[1]. Despite this, JasmyCoin’s focus on becoming a prominent player in the artificial intelligence sector could be a catalyst for its price recovery.
Artificial Intelligence and JasmyCoin
In a recent statement, Hara, Jasmy’s founder, emphasized the network’s use of decentralized GPUs to deploy next-generation AI agents. This comes in response to an X thread by Janction, a Decentralized Public Infrastructure platform incubated within the Jasmy community, which has integrated GPUs into its DePIN framework, enabling AI agents with transparent processing and secure data sharing[1].
AI agents have gained popularity within the crypto space, with platforms like Virtuals Protocol (VIRTUAL) boasting a market cap exceeding $2 billion. Individual AI agents within its ecosystem, such as Game and aixbt, have a combined market cap of over $400 million[1].
Declining Exchange Balances
Another positive indicator for JasmyCoin is the continued decline in exchange balances. According to CoinGlass, there are currently 9.11 billion JASMY tokens on exchanges — the lowest level in over a year and 10.92 billion below its 2024 peak[1]. Declining exchange balances are often seen as a bullish signal, as they suggest investors are moving their coins to self-custody wallets, reducing potential sell pressure.
Technical Analysis
The daily chart shows that JasmyCoin has settled around its 200-day Exponential Moving Average. It has also formed a cup-and-handle pattern, with the upper resistance line at $0.0445. Additionally, the coin is trading within a falling wedge pattern, with the two trendlines nearing their convergence point. The combination of the wedge, cup, and handle patterns indicates the possibility of a bullish breakout[1].
If such a breakout occurs, the first target for JasmyCoin would be $0.0445 — a 62% increase from the current level. A move above this level could signal further gains toward $0.060, its highest swing price in 2024, representing a 115% increase from current levels[1].
Conclusion
The recent developments in JasmyCoin news suggest that despite the current bear market, the cryptocurrency has potential for a significant recovery. Its focus on artificial intelligence and declining exchange balances are key indicators of a possible bullish breakout. According to Hara, Jasmy’s founder, the network’s use of decentralized GPUs to deploy next-generation AI agents could be a catalyst for its price recovery. With the technical analysis indicating a potential 115% price surge, investors are keeping a close eye on JasmyCoin’s future developments.
Disclaimer: The information provided in this article is for informational purposes only and should not be considered as investment advice. Always conduct thorough research and consult with financial experts before making any investment decisions.