The high selling wave in Bitcoin continues to defeat altcoins. Especially Jasmycoin is among the altcoins that have lost serious value recently. As of the date of writing, $JASMY decreased by 10% in the last 24 hours and lost almost 30% in the last week. So what awaits Jasmy in the coming days? Here is JasmyCoin price analysis and predictions.
IMPORTANT POINTS
JASMY analysts are hopeful for a bullish bounce around $0.015.
Increasing volume and decreasing price in Jasmy stock indicate that the selling wave is continuing.
Bitcoin's next move will determine which direction JasmyCoin will go.
JasmyCoin Price Analysis: More Declines May Occur
JASMY's price has trended well after the misunderstood news of its partnership with Apple. After this news, the sale started and it was an unfortunate sell-off for JasmyCoin. The sell-off has been exacerbated by the current Bitcoin decline. Bitcoin's current 51.8% market dominance means that price volatility affects most altcoins on the market.
$JASMY
JASMY's price is surprisingly still trending above the 200-day simple moving average (SMA) despite the massive decline in its value. This indicator could provide support around $0.02, but if Bitcoin continues to bleed, JASMY's price could decline further and find more support around $0.015.
If JASMY bulls decide to push the price higher from this level, the asset could rise 42% to around $0.028, i.e. the 0.618 Fibonacci retracement level.
The JASMY 14-day relative strength index (RSI) is at 30—nearly entering oversold territory. This means market participants can expect increased selling momentum over the weekend before a reversal.
Analysts Say Jasmy Bull May Survive!
Javon Marks, a crypto analyst at X (formerly Twitter), predicted a 15x move for JASMY on its journey towards $2.9. This analysis was an update of another analysis he made in October 2023, in which he stated that nothing had changed.
Another cryptocurrency analyst, Candle Wick, predicts that the JASMY price may jump from the middle line of a rising channel, just like in April.
Since everything depends on the next move of $btc, the possibility of further declines may be more reasonable. Bitcoin price prediction suggests a possible drop to the $50,000 area over the weekend before bouncing back. This may negatively impact the price of JASMY.
In conclusion
JasmyCoin's value fell 20% following a broader #Bitcoin sell-off, demonstrating the ripple effect major cryptos can have on smaller altcoins. This sharp decline shows how interconnected digital assets are in the crypto market.