Category: NEWS
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Jasmy price technical analysis as rebound accelerates
The Jasmy Coin price rose on Monday, continuing a bullish trend that started in December when it dropped to a low of $0.0028. It jumped to a high of $0.0074, the highest point since September 18. It has jumped by over 152% from its lowest point in December, as we wrote here.
JASMY/USD daily chart analysis
The daily chart shows that the JASMY coin price has been in a strong bullish trend in the past few weeks. This recovery has been accompanied by elevated volume levels. At the same time, the coin has managed to move above the important resistance level at $0.0060, the highest point on January 24.
Jasmy also jumped to the 50% Fibonacci Retracement level. Also, it jumped above the crucial resistance point at $0.0068 (October 30 high). It has also jumped above the 50-day moving average and the Ichimoku cloud indicator. Jasmy, which is known as Japan’s Bitcoin, has also formed an inverted head and shoulders pattern, which is a bullish sign.
Therefore, it seems like Jasmy has the momentum it needs to continue rising in the coming days. If this happens, the next key resistance level to watch will be at $0.0086, the 61.8% Fibonacci Retracement point. This price is about 27% above the current level.
On the flip side, a drop below the important support level at $0.0060 will invalidate the bullish view. If this happens, it will signal that there are still sellers left in the market who will be keen to push it to the next key support level at $0.0050.
Jasmy price 4H chart analysis
On the 4H chart, we see that the Jasmy Coin price has made a spectacular comeback in the past feww weeks. As it rose, the token crossed the key resistance level at $0.0060, where it struggled to move above on January 24 and February 2. The coin is also above the 25-day and 50-day EMAs.
At the same time, a closer look shows that volume bars have started to drop. Therefore, this could be a sign that the bullish trend is fading, which could see it retreat in the coming days. But on a positive side, the coin has formed a small hammer pattern, which is a bullish sign.
A reversal will be confirmed if JasmyCoin price plunges below the lower side of the hammer at $0.0065.
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Bitcoin sees $23.3K amid market reaction to US jobs report
- Bitcoin price fell slightly to retest support near $23,250 on Friday.
- The top cryptocurrency’s price action mirrored early trades on Wall Street as the market reacted to US economic data.
- The US added 517,000 jobs, against an estimated 188,000 and unemployment fell to 53-year low of 3.4%.
Bitcoin responded to Friday’s US jobs report by swinging nearly 2% lower to trade around $23,250 early morning. As CoinJournal reported, Bitcoin fell against the US dollar after it briefly touched highs of $24,086.
Across crypto, Ethereum had slipped towards $1,600 with about 1.4% in losses.
Bitcoin and stocks react to US jobs data
As noted, early action across cryptocurrency prices mirrored the opening on Wall Street, where the three major US indices swung lower after the January jobs report showed a higher-than-expected rise in nonfarm payroll.
Data released by the US Bureau of Labor Statistics showed the labour market added 517,000 jobs in the first month of 2023. The statistic indicated an unexpected growth, exceeding the 188,000 estimated by economists.
The US economy added far more jobs in January than the 223,000 managed in December, with the unemployment rate falling to its lowest level in over half a century. Per the data, unemployment is now down to 3.4%, the lowest level for the US since 1969. Economists expected the unemployment rate at 3.5%
The market’s reaction to the economic data, together with sentiment around disappointing earnings results from across Big Tech, fueled an early sell-off on Wall Street. It’s also likely down to nervousness over what this means for the Fed’s inflation outlook.
The S&P 500 fell nearly 1%, while the Dow Jones Industrial Average declined by 100 points before regaining some footing. The Nasdaq Composite, impacted by a decline across tech stocks, shed more than 1.3% in early trading.
The major indices are trying to recoup the early losses, as is Bitcoin that is trading near $23,500 as of 10.25 am ET. If bulls regain the upside momentum, BTC is likely to retest its intraday highs just above $24,000.
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MicroStrategy BTC paper loss hits $1.3B but no plans to stop trading bitcoin
- MicroStrategy registered $34 million in its first-ever bitcoin sale.
- The company registered a paper loss of over 1 billion in 2022.
- MicroStrategy made its first bitcoin purchase in August 2020.
Despite making a paper loss of about $1.3 billion in 2022, MicroStrategy’s chief financial officer, Andrew Kang, said that the company will continue trading bitcoin. During a presentation for the Q4 2022 financial results webnier, Kang said:
“We may consider pursuing additional transactions that may take advantage of the volatility in Bitcoin prices, or other market dislocations that are consistent with our long-term Bitcoin strategy.”
The company’s stand on digital currencies comes at a time the crypto market is witnessing considerable recovery from last year’s plunge although it is not clear if digital currencies will ever reclaim their previous highs.
Microstrategy bitcoin investment
Microstrategy made its first bitcoin purchase in August 2020 acquiring 21,454 BTC in what it described as a “capital allocation strategy.” The company has been accumulating bitcoins since then and by December 24 2022 it had as much as 132,500 BTC worth $4.027 billion according to Microstrategy bitcoin statistics on the Buy Bitcoin Worldwide website.
In the presentation on February 2023, Kang confirmed that Microstrategy holds 132,500 bitcoin that are worth about $1.84 billion as of Dec. 31, 2022.
In the last quarter, MicroStrategy made a loss of $34 million after making its first-ever Bitcoin sale. The company made the decision to sell some of its bitcoins to recoup some tax losses.
Microstrategy co-founder Michael Saylor said Bitcoin is one of the most important benchmarks that it uses to measure its stock performance against. He said that the company’s stock has risen by 117% since August 2020 compared to the bitcoin price which has risen by 98% in the same period.
In an interview with a popular news outlet, Saylor said:
“The only real safe haven for an institutional investor is Bitcoin. Bitcoin is the only universally acknowledged digital commodity, and so if you’re an investor, Bitcoin is your safe haven in this regard.”
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Optimism token OP hits all-time high Bedrock upgrade news
- OP has rallied over 30% in the past 24 hours, reaching a new all-time high of $2.97 on Coinbase
- Optimism is outperforming major coins even as cryptocurrencies rally on Thursday.
- Gains for Optimism comes amid buying pressure after news of an upgrade proposal planned for activation on 15 March.
Optimism is rallying again as excitement around the Ethereum layer 2 scaling solution increased following a major news announcement.
As shown on the 4-hour chart below, OP reached a new all-time high of $2.97 on Coinbase. As of 11:20 am ET on 2 February, the platform’s native token OP was trading at $2.91, still up by more than 32% in the past 24 hours.
Chart showing Optimism price rally to new all-time high on Coinbase. Source: TradingView.According to data from CoinGecko, the OP token price is up 205% in the past 30 days, outshing major coins. About 75% of the gains have come in the past two weeks as platform’s market capitalization steadily rose to currently stand around $625 million.Why OP token price is surging
Optimism’s gains in the past few hours have come as buying pressure ramped up ahead of what promises to be groundbreaking network upgrade.
On Wednesday, the Optimism Foundation released a proposal seeking to deploy an upgrade to the protocol’s mainnet. According to the proposal, the upgrade targets improving network performance via the Optimism Collective: Bedrock.
We’re extremely excited to put this historical proposal in front of the Token House. We see Bedrock as the culmination of years of R&D—and the next crucial step towards a modular, simplified, and performant multi-chain future.https://t.co/urk6U9aABj pic.twitter.com/ebxsvtBM8N
— Optimism (✨🔴_🔴✨) (@optimismFND) February 1, 2023
It is the first major upgrade to the Optimism protocol and brings a rollups architecture to the protocol, with transaction batching one of the main features highlighting the huge impact the upgrade could have for the blockchain’s performance.
“This upgrade offers a new level of modularity, simplicity, and Ethereum equivalence for Layer 2 solutions, providing unprecedented performance and functionality,” the Optimism Foundation wrote.
Improvements set to be added via the Bedrock release include reduced transaction fees, high throughput and improved sync speeds.
According to the team, the upgrade will not impact most users as the Optimism mainnet is “already EVM-equivalent.” However, some users including those running full and archive nodes have to take action in preparation for the upgrade.
The Bedrock proposal is expected to go through a two-week voting period, with deployment to the mainnet scheduled for 15 March if it passes.
