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JasmyCoin (JASMY) Price Analysis Amid Federal Reserve Interest Rate Decision
The price of JasmyCoin (JASMY) has seen a decline over the past few days as market attention shifts towards the upcoming Federal Reserve interest rate decision. As of Monday, the token was trading at $0.039, down from this month’s high of $0.045. Despite this recent dip, JasmyCoin has surged by over 720% from its lowest point in January, making it one of the most discussed tokens this year.
Federal Reserve Decision Impact
Jasmy’s significant rally came to a halt following the release of strong job numbers in the US. According to the Bureau of Labor Statistics, the economy added over 272,000 jobs in May, surpassing the consensus estimate of 183,000. Although the unemployment rate rose to 4.0%, wage growth also increased by 4%, indicating a robust economic environment. These figures were released just weeks after strong consumer confidence numbers.
The Federal Reserve is preparing to announce its June interest rate decision, with most analysts predicting that rates will remain unchanged between 5.25% and 5.50%. The dot plot is also expected to suggest a potential rate cut later this year. Cryptocurrencies, including Jasmy, are often highly sensitive to interest rate changes. Typically, digital currencies perform better when the Fed is either cutting rates or hinting at future cuts.
Bitcoin’s Influence on Jasmy
JasmyCoin’s recent stall also coincides with Bitcoin encountering resistance. Bitcoin struggled to find buyers above $72,000 despite continued ETF inflows and a significant drop in exchange balances. However, there is optimism that Bitcoin will recover strongly, especially as it has formed an inverse head and shoulders pattern. A recovery in Bitcoin could potentially lead to a rebound in other altcoins like Jasmy.
Additionally, investors have started to book profits after Jasmy’s strong rally, which is a common occurrence following substantial gains.
JasmyCoin Price Forecast
The daily chart shows that the price of $JASMY has rebounded in recent months. The token recently crossed the crucial resistance level at $0.02756, a high last seen on March 4th. It has consistently remained above the 50-day and 25-day moving averages. Furthermore, the Awesome Oscillator is above the neutral point, and the Relative Strength Index (RSI) is above the ascending trendline, indicating a bullish trend. The token is also forming a bullish flag pattern.
The outlook for JasmyCoin remains bullish ahead of the Federal Reserve decision. If the token surpasses the year-to-date high of $0.045, it could potentially reach the next psychological point at $0.050.
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