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Jasmy price has faced a significant downturn this month, entering a bear market after declining by over 30% from its peak.
Jasmy, like many other cryptocurrencies, has been impacted by recent Bitcoin price movements. Earlier this month, Bitcoin surged to $72,000 but then formed a double-top pattern and fell by over 14%.
This decline coincided with continued outflows from Bitcoin ETFs and the sale of thousands of Bitcoins by the German government. Several Bitcoin mining companies have also sold their coins, indicating a possible capitulation. Consequently, Bitcoin balances on exchanges have seen a slight increase in recent days.
Additionally, there are indicators that the Federal Reserve will be one of the last major central banks to cut interest rates, as US inflation remains persistently high. In contrast, other central banks like the Bank of Canada, ECB, and SNB have already begun their rate-cutting cycles.
Jasmy’s decline has also occurred alongside a reduction in its social media mentions and trading volume. Data shows that the daily average trading volume of Jasmy on exchanges has dropped to less than $160 million recently, compared to over $500 million earlier this month. Similarly, in the futures market, open interest has decreased from $82 million on June 5th to $40 million today.
Jasmy price forms a bearish pattern
Technically, the recent sell-off began when the JASMY token formed a long-legged doji candlestick pattern on June 4th. This doji is often a key indicator of a reversal in technical analysis.
JASMY has now formed a bearish pennant pattern, characterized by a long flagpole and a symmetrical triangle. This pattern typically leads to a bearish breakout as it approaches the confluence point. Unless market conditions improve, there are signs that the token could drop further.
Fortunately, JasmyCoin has consistently stayed above the 50-day moving average and a critical support level at $0.02757, which was its highest swing in March. More downside will be confirmed if the price falls below this point.
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