Journalist
Published:
- Jasmycoin saw a sharp increase in whale activity as prices hit a local high at $0.059.
- Although some profit taking has been seen, the long-term uptrend may not stop immediately.
Jasmycoin (JASMY) is one of the coins that has seen a notable increase in whale trading over the past week.
In an article by Santiment Insights, user Brianq noted that JASMY was among the projects with a market capitalization of over $500 million.
Growing whale activity and its implications
Source: Santiment
Jasmycoin saw a 616% increase in whale transactions, categorized as $1 million or more. Such a dramatic increase in whale activity could be either profit-taking or massive accumulation, depending on how prices move.
Source: JASMY/USDT on TradingView
Over the past five days, Jasmycoin tested the local highs of $0.059 and pulled back to the $0.032 demand zone.
Two potential demand zones at $0.032 and $0.04 were identified during price action earlier this year, and JASMY bulls defended both during the decline.
The timing of whale activity showed both profit taking near highs and accumulation around the $0.04 area.
Technical analysis of AMBCrypto on the daily time frame showed that the market structure was bullish. The IMF has not yet shown any divergence.
High trading volume in December declined during the downturn and must accelerate for the recovery to continue.
Profit taking during the uptrend
Source: Santiment
Daily active addresses climbed in November and December as JASMY surpassed highs set over the past six months. This was expected, as the price surge attracts more attention from the crowds.
The average age of coins is also trending downward, especially over the past six weeks. This is also expected, as strong rebounds are accompanied by profit taking.
The spikes in whale transactions have been particularly interesting. There were plenty of them last week, as JASMY hit local highs.
It resumed on December 9, when JASMY was trading near the $0.032 and $0.04 demand zones.
Source: Santiment
The distribution of supplies supported the idea of distribution until the end of November. Different cohorts of holders started purchasing Jasmycoin at different times over the past ten days.
The 10k-10M band started on November 29.
Realistic or not, here is the market capitalization of JASMY in terms of BTC
Meanwhile, more than 10 million wallets sold through December 8 and began increasing their holdings on Monday.
Overall, Jasmycoin appears to have a strongly bullish outlook despite the spike in whale activity. It is expected that a period of consolidation may follow before the next uptrend.
