JASMY coin price is looking very bullish after a major surge from the October lows. However, the cryptocurrency is having a pullback due to a correction in Bitcoin price. As a result, in the past two days, JASMY crypto has lost more than 7% of its value.
On Wednesday, the Bitcoin price failed to break above Monday highs which resulted in a market wide sell-off. The Total 3 market capitalization of the altcoins fell 0.76% due to the profit taking after a phenomenal October rally. Consequently, Jasmy was down 4.23% today as the cryptocurrency extended its weekly loss.
Investors are once again moving into the stablecoins as the Bitcoin dominance and the altcoin market cap both showed a downtick on Wednesday. This was evident from the increase in USDT dominance of 1.41%.
Nevertheless, the JASMY coin price has shown a massive rebound after hitting the $0.002955 level in October. This translates into a 25.5% surge from last month lows which has flipped the outlook bullish on the shorter timeframe.
The long-term outlook on the JASMY crypto remains negative as the price is down 99.9 from its all-time high. While it is needless to expect any miraculous recovery anytime soon, there still might be a decent relief rally after an intense sell-off in the past few months.
Let’s analyze JASMY/USD pair on a high timeframe. The following chart shows that the price has reclaimed the $0.0033 level. This has given bulls enough momentum to target the $0.0043 level which is the next major resistance.
However, this bullish Jasmy coin price prediction will flip bearish the moment price breaks below $0.0033 level once again. This will be an extremely bearish scenario that may result in a complete capitulation for the bulls who are already underwater.
Another factor affecting the price action will be the Bitcoin’s ability to break above $35,000 level.
This post was last modified on Nov 01, 2023, 16:09 GMT 16:09