JasmyCoin Rally Sparks ADA 2021 Comparisons, Gains 20.92%

• JasmyCoin’s 20.92% surge shows strong momentum with increased trading volume.
• Cardano’s stable price action signals investor confidence despite lower volume.
• Key support at $0.045 for JASMY, while ADA holds at critical $1.20 support.

JasmyCoin (JASMY) has surged 20.92%, echoing Cardano’s (ADA) 2021 rally. This has led investors to speculate whether JASMY could repeat ADA’s success. Despite differences in market conditions and each coin’s unique trajectory, there are striking similarities in their short-term momentum.

JasmyCoin Shows Strong Momentum

JasmyCoin has experienced significant upward movement, driven by strong investor interest and a notable increase in trading volume. This rally has pushed its price from $0.04025 to $0.04875, signaling strong bullish sentiment. 

Additionally, a 40.05% spike in trading volume, now at $1.11 billion, reflects heightened buying interest. The Volume-to-Market-Cap ratio of 46.37% underscores the active trading environment, suggesting a potential for sustained price movement.

Source: Coinmarketcap

Key support has emerged at $0.045, a former resistance level. If momentum weakens, secondary support at $0.040 could stabilize the price.

On the upside, $0.050 poses immediate resistance. Breaking through could push JASMY towards $0.055, supported by historical trading ranges.

Cardano Maintains Stability

In contrast, Cardano is charting a stable course. Priced at $1.22, it has gained a modest 1.29% in the past day, with a reduced trading volume of $3.37 billion. Despite this, ADA’s market cap rose to $42.80 billion, signaling investor confidence. The lower Volume-to-Market-Cap ratio of 7.87% suggests a quieter market.

Source: Coinmarketcap

Read also: Bear Market Bites: JASMY and ADA Plunge, Technicals Flash Red

Cardano’s key support is at $1.20. A drop below could see the coin testing $1.15. On the upside, $1.25 is immediate resistance. A breakout here could drive the price to $1.30.

Technical Indicators and Outlook

JasmyCoin/USD 1-hour price chart, Source: Trading view

For JasmyCoin, the 1-hour RSI at 65.14 indicates a neutral zone but hints at upward momentum. The MACD trading above its signal line supports this bullish outlook. Maintaining trading volume is crucial for further gains.

ADA/USD 1-hour price chart, Source: Trading view

Cardano’s RSI at 54.48 suggests balance, while the MACD above the signal line points to mild bullish momentum. However, a lack of significant volume could limit ADA’s immediate growth.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.