JasmyCoin Price Analysis: Jasmy Sheds 20% Amid Bitcoin Sell-Off

JasmyCoin Price Analysis: Jasmy price is down 20.6% following the ongoing market bleeding on account of the Bitcoin sell-off. The price of JASMY hovered around $0.019 during European business hours on Friday, a 36% crash in the last 7 days. Nevertheless, crypto enthusiasts remain hopeful, calling this the last pullback before the main bull run. Are they correct?

JasmyCoin Price Analysis Hints at Further Downside to $0.015

JASMY’s price had a good run following the misconstrued news of its partnership with Apple. After the hype, the sell-off began, and unfortunately for JasmyCoin, the sell-off has been further exacerbated by the current Bitcoin downturn. Bitcoin’s current market dominance of 51.8% means its price volatility affects the majority of the altcoins in the market.

The price of JASMY is surprisingly still trending above the 200-day simple moving average (SMA), despite the heavy drop in value. This indicator may provide some support around $0.02 but if Bitcoin continues to bleed, JASMY’s price may fall lower and find further support around $0.015

If JASMY bulls decide to push the price higher from this level, the asset may increase by 42% back to around $0.028, which coincides with the 0.618 Fibonacci retracement level. 

The JASMY 14-day relative strength index (RSI) is at 30—almost breaking into the oversold area. This means market participants can expect heightened selling momentum over the weekend before a reversal.

Crypto Analysts Maintain Bullish Stance on JasmyCoin Price

Despite the flailing price, crypto market analysts have maintained a bullish outlook on the price of JAMSY. JasmyCoin’s bullish prospects include its role in the Internet of Things (IoT) sector, potential technological adoption, and positive market sentiment.

Javon Marks, a crypto analyst on X (formerly Twitter), predicted a 15X move from JASMY on its path to $2.9. This analysis was an update of another he did in October 2023, citing that nothing has changed.

The Candle Wick, another crypto analyst, predicts a JASMY price may bounce off the midline of an ascending channel, as it did back in April.

While these analyses remain bullish, the possibility of further downside is palpable, as everything depends on BTC’s next move. Bitcoin price prediction indicates a potential downside over the weekend to the $50,000 area before a bounce back up. This may affect JASMY’s price negatively. 

Bottom Line

JasmyCoin’s value plummeted 20% in the wake of a broader Bitcoin sell-off, indicating the ripple effect that major cryptos can have on smaller altcoins. This sharp decline shows how interconnected the digital assets in the crypto market are.

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