JasmyCoin price has suffered a harsh reversal in the past few days, erasing some of the strong gains it made last week. JASMY was trading at $0.015 on Monday morning, much lower than this month’s high of $0.018. This price is 20.5% below its highest point this year, meaning that the token has moved into a bear market.
JasmyCoin volumes drop
Jasmy, popularly known as Japan’s Bitcoin, has been one of the most successful cryptocurrencies this month. Despite the recent pullback, the coin has jumped by almost 200% in the past 30 days, outshining most of its peers.
There was no main fundamental reason why Jasmy’s token jumped that much. Instead, the most likely reason is that it was based on momentum and Fear of Missing Out (FOMO) among crypto day traders.
Evidence about this is that Jasmy has been one of the most trending cryptocurrencies recently. At the time of going to press, it was the third trending coins in CoinMarketCap after COTI and Gorilla. Similarly, it was trending in CoinGecko, StockTwits, and Reddit.
The other evidence is that its daily volume surged hard as it surged recently. Last week, its volume peaked at $1.3 billion on February 22nd followed by $1.25 billion on the following day. In most cases, the volume of a crypto rises when the price is soaring.
Recently, however, there are signs that Jasmy’s volume has retreated. It stood at $638k on Sunday and $534 million on Monday.
The ongoing pullback is likely because of the state of the crypto market, with Bitcoin retreating from $53,000 to $51,000. Other popular coins like Ripple (XRP), Litecoin, and Bitcoin Cash prices have pulled back.
The outlook for cryptocurrencies is nonetheless positive as the fear and greed index turns green. The crypto index has moved to over 70 while the CNN Money index has moved to the extreme greed area of 78. In most cases, cryptocurrencies tend to do well when the index is green.
Jasmy price forecast
Meanwhile, Jasmy’s price reversal happened after the coin reached a high of $0.018 last week. This was an important price since it was a few points below the YTD high of $0.0183, its highest point this year.
A closer look shows that Jasmy has formed what looks like a double-top pattern even though it did not retest the highest point this year. In most cases, this is one of the most popular signs of a reversal in the market. Its neckline stands at $0.012, its lowest level on February 24th.
Jasmy has remained slightly above the 50-period and 25-period Exponential Moving Averages (EMA), which is a positive sign. The Relative Strength Index (RSI) has drifted downwards in the past few days.
Therefore, the outlook for Jasmy is moderately bearish as many buyers start taking profits. If this happens, the next point to watch will be at $0.012, which is about 18% below the current level.
