The Jasmy Coin price is up by less than a percentage point, extending the bullish trend of the past three trading sessions. However, despite the crypto seeing some gains, the bullish push has mostly been low momentum and low volatility trend, which has confined Jasmy Coin’s price within a narrow range of $0.0033 and $0.0046.
Following the fall of FTX crypto exchanges, the entire cryptocurrency industry entered a bearish, with most major coins, such as Bitcoin and Ethereum losing more than 20 per cent of their value. However, altcoins such as Jasmy Coin felt most of the drop, which dropped by 46 per cent between November 5 and 9.
Due to its significant correlation with the industry, the Jasmy Coin recovery has also mirrored the industry trends, especially Bitcoin, which has also been stuck in a sideways market. The result of this correlation has seen Jasmy Coin price trading in a sideways market for the past two weeks.
However, the recent 45 due to FTX cannot be entirely blamed for the recent Jasmy problems. For instance, since hitting its price high of $4.99 in February of last year, its price has crashed by more than 99 per cent. Even before the recent 45 per cent drop happened, Jasmy coin was already down by over 80 per cent year-to-date.
Despite the past few trading sessions showing signs of a bullish trend, I still remain bearish on the future prospect of Jasmy Coin. Therefore, I expect its price to start falling in the next few trading sessions.
There is a high likelihood that we might see it dropping below the $0.0030 price level in the long term, setting a new yearly price low. However, a trade above the $0.0035 price level will invalidate my bearish analysis. It will also signal a possible bull move.
This post was last modified on Nov 30, 2022, 12:27 GMT 12:27