JasmyCoin price prediction: Is Jasmy a good investment in July?
- JasmyCoin is a small but popular Japanese cryptocurrency.
- It is an IoT platform that seeks to solve the data management challenge.
- It will soon launch a fan token for a popular Japanese club.
The JasmyCoin (JASMY/USD) price has crawled back in the past few days as cryptocurrency prices stabilise. The highly popular coin has risen to $0.0093, which is slightly above this week’s low of $0.0087. According to CoinGecko, it has a total market cap of over $44 million.
What is Jasmy?
JasmyCoin is a relatively small cryptocurrency that was created by a former senior executive at Sony, one of the leading entertainment companies. The coin has become one of the most popular cryptocurrencies, especially among day traders.
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The concept behind Jasmy is relatively simple. The firm uses the concept of Internet of Things (IoT) to help people and businesses manage data well. It describes itself as a leading player in what it calls the fourth industrial revolution.
Jasmy will build devices or base modules like IoT communication and wearable equipment that can incorporate data democratization features without any undue burden to them.
The company has already started collaborating with some well-known companies in Japan. For example, it has partnered with Vitz Corporation, Aplix, and Japan Travel among others.
The JasmyCoin price is reacting to news that the company is launching a new fan token offering (FTO). The FTO for Sagan Tosu football club will be created using its blockchain technology. Holders of the token will be able to vote for key changes they want the club to implement.
However, while this is a major milestone for Jasmy, the reality is that most of the existing fan tokens have not done well. This includes tokens for well-known teams like Barcelona and Manchester City.
Additionally, Chiliz, the best-known platform for fan tokens has seen its price crash by over 80% from its all-time high.
JasmyCoin price prediction
The four-hour chart shows that the Jasmy token has been attempting to recover after it crashed by 30% from its highest point in July. The coin remains below the 25-day and 50-day moving averages. It is also slightly above the important support level at $0.0084, which was the lowest point in June this year. At the same time, the Relative Strength Index is pointing upwards and is slightly below the neutral point at 50.
Therefore, there is a likelihood that the coin will resume the downward trend as sellers target the support at $0.0084.
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*Cryptoasset investing is unregulated in some EU countries and the UK. No consumer protection. Your capital is at risk.