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The JasmyCoin price has soared by 165% in the last seven days to trade at $0.01596 as of 2:17 a.m. EST to emerge as the week’s top gainer among the top 100 cryptos by market capitalization, ahead of Worldcoin (WLD), SingularityNET (AGIX), The Graph (GRT), and Uniswap (UNI).
Weekly top gainers snap | Source: CoinMarketCap
JasmyCoin Price Prediction: JASMY Headed Towards Corrections
However, looking at the charts, the JasmyCoin could be headed for a correction after its recent upswing. The JASMY price action earlier showed a significant uptrend, as indicated by the green arrow, followed by what appears to be the formation of a head and shoulders pattern, which is a bearish reversal pattern. The left shoulder and head have already formed as the right shoulder develops.
If the pattern completes with a right shoulder and the price falls below the neckline, acting as the support level connecting the lows between the head and the shoulders, it could signal a reversal of the current uptrend.
On the other hand, the Money Flow Index (MFI) is at 57, which is moderately high but seems to be rapidly decreasing, as shown by its southern trajectory. This suggests fading buying pressure as the MFI exits the overbought territory. The Relative Strength Index (RSI) is at 53, which is neutral, indicating that the current price movement is neither overbought nor oversold. However, its southern trajectory towards the oversold region supports the correction prospects as investors now look to sell for profits.
1-hour JASMY/USDT chart “ Source: TradingView
Meanwhile, as the the JasmyCoin price faces the risk of a correction, Sponge V2 is preparing for an imminent launch on more major exchanges and aims to surpass its excellent predecessor, Sponge V1. This presents another chance to invest in Sponge for those who missed its 100X surge last year.
A Promising Alternative to JASMY
The Sponge team decided to retire Sponge V1 earlier this month, moving over 13,000 holders to the more secure and economical V2 on the Polygon network. After a smooth transfer to the Polygon Network, you may now acquire and invest your Sponge V2 tokens and earn an amazing 846% annual percentage yield (APY).
📣 Attention, #SPONGERS!
Here is some important information to remember about $SPONGE V2!$SPONGE V1 has officially been discontinued, and V2 has been launched on #Polygon! 🔥
Learn more about the token details below 👇https://t.co/TCdxgXx40w
🧵1/3 pic.twitter.com/YZzXOlKmHY
— $SPONGE (@spongeoneth) February 6, 2024
SPONGE’s launch of the V2 token also aims to use its P2E potential, reminiscent of projects from Floki and Decentraland. While Floki has shown a fantasy-based P2E game and Decentraland is concentrating on virtual real estate, SPONGE intends to transport players to the realm of Bikini Bottom.
The P2E game will bring more fun and addictiveness to the Sponge ecosystem, while enabling players to earn $SPONGEV2 tokens by playing and ranking on the leader board.
Users play for fun on the free version of the game while on the paid version they use $SPONGEV2 tokens to buy game credits, which allow participants to play to earn more $SPONGEV2 tokens.
Jacob Bury, a well-known crypto analyst on YouTube, says Sponge V2 has the potential to 100x on launch.
Go to the official Sponge V2 website here and connect your digital wallet to exchange your USDT or ETH for V2 tokens to participate in the presale. You may also use your bank card to make direct purchases.
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