Throughout the year, Jasmy price has been in an aggressive bearish trend, which has seen its prices drop by over 90 per cent. However, in the past few trading sessions, the bearish trend is looking to have peaked, and the value of Jasmy has been haemorrhaging at a higher rate. This has seen the crypto hit its all-time price low of $0.0051 in the early hours of today’s trading session.
The drop to its lowest point has not been surprising based on its recent price action, which has included its value dropping by 14 per cent this month and over 20 per cent in September. The bearish trend is also an extension of a five-week losing streak. It also comes at a time when the entire cryptocurrency industry is in a strong bearish trend, and with Jasmy significantly correlated with the industry, its price has also been dragged down by the current market forces.
Jasmy has not lived up to its expectations since it was launched. This is despite most of its early adopters seeing a huge future and potential in its resolve to decentralize the internet of things by reclaiming data sovereignty for its users. Since peaking at $4.9 price level on February 16, 2021, it has lost over 99 per cent of its value, and today, it is trading at its historical price low of $0.0051.
Looking at the chart below, the possibility of recovery looks minimal, with the bearish trend continuing to show its fangs and hold of the cryptocurrency. The Williams Alligator indicator, for instance, gives strong signals that the project is still in an aggressive bearish state.
Therefore, based on previous data and technical indicators such as Williams Alligator, I expect Jasmy Price to continue setting new price lows. There is a high likelihood that, in the next few trading sessions, it will have dropped to trade below the $0.0050 price level and for the long term, a drop below $0.0040. My analysis will only be invalidated should the prices trade above the $0.0061 resistance level.
This post was last modified on %s = human-readable time difference 16:15