JasmyCoin price moved sideways during the weekend as the recent rally faded. The $JASMY token was trading at $0.02145 on Monday morning, a few points below the year-to-date high of $0.0274. It has been one of the top-performing cryptocurrencies, having risen by over 375% from its lowest point this year.
Waiting for Bitcoin’s next move
Jasmy, popularly known as Japan’s Bitcoin, has done modestly well in the past few months. This performance happened as the cryptocurrency industry rebounded. Bitcoin, the biggest cryptocurrency in the world, surged to a record high of $70,300 last week, marking a strong performance for a coin that was trading at $15,500 in December 2022.
Jasmy’s rise also happened at a time when the crypto fear and greed index has continued rising. Data compiled by CoinMarketCap shows that the index has moved to the extreme greed zone of over 85. In most cases, Bitcoin and other altcoins do well when there is a sense of greed in the financial market. JasmyCoin's recent impressive performance underscores the importance of securing your cryptocurrency assets.
Looking ahead, a case for investing in Jasmy can be made using the lens of Bitcoin. The coin will go through a halving event in April, which will have an impact on supply. The total Bitcoin supplied per day will drop from over 900 to about 450.
Further, the Federal Reserve has pointed to potential rate cuts later this year since inflation is falling and the economy is slowing. Risky assets like Bitcoin and JasmyCoin tend to do well in a period when the Fed has turned dovish.
JasmyCoin will also do well because of the ongoing performance of the Japanese economy. Data published on Monday revealed that the economy avoided a technical recession as it expanded by 0.1% in the fourth quarter. Japan’s Topix and Nikkei 225 indices have all surged to their record highs. This trend could lead to more Jasmy inflows.
JasmyCoin price forecast
The daily chart shows that the JASMY token price has been in a strong bullish trend in the past few weeks. It has rallied from the YTD low of $0.0048 to a peak of $0.0274. The token has remained slightly above the 50-day Exponential Moving Averages (EMA), signaling that bulls are in control.
Jasmy has also formed what looks like a bullish pennant pattern, which is shown in pink. In most cases, this pattern is usually followed by a bullish breakout. However, the Relative Strength index (RSI) and Stochastics have all pointed downwards.
Therefore, the outlook for the JasmyCoin price is extremely bullish, with the next target being at $0.0274. More gains will be confirmed if the price moves above that price.
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