Jasmy Coin price has traded in a sideways market since May 11, where its prices have been constrained inside the support and resistance levels of $0.0084 and $0.014, respectively. Today, Jasmy coin is down by 3 percent. The downward move is also looking very aggressive, and it is likely that the push to the downside will continue throughout the session.
The current trend hiatus is happening despite the Jasmy platform’s partnership with many companies across Japan in the past few weeks. These partnerships have included Japan Travel, Mystiko, Aplix, and Trascosmos. The partnerships have also seen the company continue to expand its user base and reach out to new potential investors.
Part of the reason why the recent partnerships and developments have not translated into the markets is the current global cryptocurrency bear market. Since June, most cryptocurrencies have struggled to make a comeback after the cryptocurrency crash of May.
Bitcoin, for instance, is down by 30 percent. Moreover, with Jasmy and most altcoins being positively correlated with Bitcoin, its drop has also seen investors becoming nervous and cutting their investment in altcoin projects, which has resulted in almost all altcoins also going down.
The current bearish trend is likely to continue as long as the current market conditions do not change. In today’s trading session, Jasmy is already down by 3 percent. Therefore, I expect the current trend to continue with a likelihood of the prices dropping and hitting the $0.0084 support level.
However, there is a high likelihood that the current sideways market will continue, and Jasmy will fail to break to the downside of the support level. This will mean another price move to the upside and a continuation of the long-term sideways market that started on May 11.
Should the prices break below the support level, the sideways trend will end. It will also mean a likelihood of the start of another aggressive push to the downside.
This post was last modified on Jun 16, 2022, 07:53 BST 07:53