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The JasmyCoin price surged more than 52% over the past 24 hours to trade at $0.01792 as of 2:20 a.m. EST as investors rush to buy into an altcoin that’s skyrocketed almost 190% in the past week.
The JasmyCoin Price Rises Above Its Positive Channel
4-hour chart for JASMY/USDT (Source: TradingView)
The JasmyCoin price managed to break above a medium-term positive price channel that formed on its 4-hour chart over the past few days. During this period, the crypto printed a series of higher highs and higher lows. Should JASMY continue rising above the bullish channel in the next 24 hours, it may attempt to overcome the $0.017940 resistance level.
This bullish thesis could be invalidated if the JasmyCoin price drops to the $0.01430 support level in the next 24 hours. In this alternative scenario, the altcoin may retest the key price point. Falling below the mark could expose it to the rise of correcting down to the $0.011985 support in the following couple of days.
This will be a key level to watch, as it is also confluent with the lower boundary of the aforementioned price channel. As such, a break below the $0.011985 support could signal the end of JASMY’s positive cycle, which could lead to the JasmyCoin price plummeting to the $0.008640 support in the short term.
The JasmyCoin Price May Correct As Its Bullish Trend Reaches A Peak
Technical indicators on JASMY’s price suggest the crypto may drop in the coming 24 to 48 hours. The Relative Strength Index (RSI) indicator shows that bulls are losing some of their strength against sellers. This is evident by the RSI line falling towards its Simple Moving Average (SMA) line, which comes after a period of the token being in overbought territory. An intersection between these two lines will trigger a major bearish technical flag, signaling that momentum has shifted in favor of sellers.
The Moving Average Convergence Divergence (MACD) indicator also supports a bearish short-term outlook. JASMY’s bullish trend seems to have reached a peak as the MACD line is starting to break down towards the MACD Signal line. This may be an early sign of an upcoming bearish trend reversal, which could be confirmed when the MACD line crosses below the MACD Signal line.
While the JasmyCoin price tries to break another major resistance, Bitcoin Minetrix recently surpassed the $11.2 million threshold with its presale.
Exciting news for the #Crypto mining industry! 🚀#PolarisTechnology unveils plans for a $100 million, 200MW data center in Muskogee, Oklahoma.
What opportunities do you think this development will bring to the local community?#BitcoinMinetrix has successfully raised more… pic.twitter.com/m6jQ29WJ1D
— Bitcoinminetrix (@bitcoinminetrix) February 20, 2024
Bitcoin Cloud Mining With A Twist
Bitcoin cloud mining usually involves a buyer purchasing cloud mining power from a centralized third party who agrees to manage the operations of multiple BTC mining rigs at an agreed upon service fee. This has opened up an opportunity for scammers to sell fake mining power, and is the reason Bitcoin Minetrix is trying to change the status quo.
Through its innovative cloud mining platform, Bitcoin Minetrix not only makes BTC cloud mining more secure through decentralization, but also knocks down the higher barrier to entry for anyone looking to get started with cloud mining. Its unique stake-to-mine model also makes BTC cloud mining as simple as staking an ERC-20 token.
Exploring the potentials of #BitcoinMinetrix for $BTC mining! 🔍⚒️
✅ Easy initiation for beginners.
💸 Cost-effective with no initial hardware expenses.
🌟 Location, noise, and temperature worries? None here!
🔄 Effortless upgrades with minimal fuss. pic.twitter.com/k7TDNfSlVd— Bitcoinminetrix (@bitcoinminetrix) February 21, 2024
To get started, investors will need to purchase BTCMTX on the project’s official website. Currently selling for $0.0136, BTCMTX can be purchased using either ether (ETH), Tether (USDT) or bank card. Once purchased, the tokens will need to be staked in exchange for “gas” reward tokens. The final step in the process is to burn these gas rewards to claim a share of Bitcoin Minetrix’s cloud mining power.
The Next 10x Opportunity?
BTC is expected to surge in the coming months given the introduction of spot Bitcoin ETFs (exchange-traded funds) in the U.S., as the leading crypto enters the mainstream financial system.
There is also the pending supply shock that will be initiated by the upcoming halving event in April. These factors will create a favorable supply and demand dynamic for BTC that will likely push its price higher.
Bitcoin Minetrix, being both a Bitcoin derivative and a cloud mining project, is perfectly placed to benefit from the increased demand for BTC and its simultaneous supply reduction.
BTCMTX can be purchased here.
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