JasmyCoin Price Sees 53% Decline, But AI Focus and Falling Exchange Balances Offer Hope

JasmyCoin, often referred to as Japan’s Bitcoin, has entered a bear market, falling over 53% from its December 2024 highs. The cryptocurrency has dropped to its lowest level since November 2024.

The ongoing sell-off is attributed to waning sentiment across the cryptocurrency market, with most altcoins experiencing similar pullbacks. However, JasmyCoin’s focus on becoming a prominent player in the artificial intelligence sector could be a potential catalyst for its price recovery.

Jasmy’s AI Ambitions

In a recent statement, Hara, Jasmy’s founder, emphasized the network’s use of decentralized GPUs to deploy next-generation AI agents. This development is seen as a positive indicator for JasmyCoin, particularly given the growing popularity of AI agents within the crypto space.

We will leverage #GPUs to deploy a platform to enhance the next generation of #AI agents.

For instance, Virtuals Protocol, which hosts hundreds of AI agents, boasts 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.

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. 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.

Jasmy Price 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. 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.

Tips for investors:

  • Keep an eye on JasmyCoin’s AI developments and their potential impact on the cryptocurrency’s price.
  • Monitor exchange balances and self-custody wallet activity for signs of reduced sell pressure.
  • Consider the technical analysis and potential breakout targets for JasmyCoin.

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