Jasmy Coin Price Continues Downward Trend Amidst Market Uncertainty

The Jasmy Coin price has continued its downward trend, with the crypto fear and greed index falling to 35, reflecting increased market uncertainty. As a result, Jasmy Coin retreated to $0.021, marking a 63% decline from its December high. This decline has firmly placed the cryptocurrency in a bear market, where an asset drops by at least 20% from its recent peak.

Broader Market Downturn and Influence of Bitcoin

The ongoing Jasmy Coin sell-off has coincided with a broader market downturn, with traders remaining fearful and many staying on the sidelines. Bitcoin, which heavily influences altcoin movements, has dropped from $109,200 to $96,000, further dampening sentiment.

Crypto Fear and Greed Index

The crypto fear and greed index, which stood at 88 in the extreme greed zone earlier this year, has now fallen to 35. Cryptocurrency prices often decline sharply when market sentiment shifts toward fear.

Signs of Holder Confidence

Despite the decline in price, there are signs that Jasmy holders are not selling. The number of JASMY holders rose to 88,600 on Feb. 12, up from 85,300 a month earlier. Typically, crypto traders sell off their holdings during sharp price declines, but this trend suggests otherwise.

Additionally, the total supply held on exchanges has fallen to 8.49 billion, down from 11.67 billion in March last year. A drop in exchange balances is often a sign that holders are not moving their tokens to CEX platforms to sell. Instead, most investors are keeping them in self-custody wallets, hoping the coin will rebound.

Jasmy Price Analysis

Another factor in Jasmy Coin’s ongoing price decline is the formation of a falling wedge pattern. This pattern, characterized by two descending, converging trendlines, often signals a potential reversal. In this case, Jasmy’s trendlines are nearing their confluence point, suggesting that a rebound may happen soon.

The Relative Strength Index has also formed a falling wedge chart pattern. Meanwhile, the Percentage Price Oscillator has dropped to its lowest point since August 2024. Jasmy saw a strong rebound the last time it reached this level.

Tips for investors:

  • Keep an eye on the crypto fear and greed index, as shifts in market sentiment can impact cryptocurrency prices.
  • Monitor exchange balances, as a drop in balances can indicate holder confidence.
  • Be aware of chart patterns, such as the falling wedge pattern, which can signal potential reversals.

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