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The JasmyCoin price continued its freefall this week as the crypto bull run appeared to lose steam. It has fallen in the past four days straight and is hovering near its lowest swing since March 5th. The token has plunged by over 30% from its highest point this year, meaning that it is in a deep bear market.
JasmyCoin has nosedived
Jasmy’s price crash is happening in a week that Bitcoin jumped to a record high of over $73,000. Other coins like Ethereum, Solana, and Avalanche have also surged this week.
However, many of them have suffered a harsh reversal, with Bitcoin crashing below $68,000 and Ethereum tumbling below $3,700. According to CoinGecko, the total market cap of all cryptocurrencies dropped to over $2.7 trillion.
Jasmy’s price has crashed at a time when the daily traded volume has continued falling. It had over $120 million on Thursday, down from $164 million on the previous day. The daily volume stood at over February 29th and has averaged over $500 million in the past few weeks.
Jasmy token’s price action is mostly because of the ongoing profit-taking. Besides, the coin was up by more than 820% between its lowest point in October and its highest point this year. In most cases, this profit-taking is common in the crypto industry.
Still, there are some positive catalysts for Bitcoin and Jasmy price. First, there is strong Bitcoin ETF inflows. The iShares Bitcoin ETF (ETF) has added almost $15 billion in assets in the past two months. Some analysts believe that Bitcoin demand will continue surging in the coming months as the halving nears.
Therefore, fundamentally, there is a likelihood that the Jasmy price will bounce back in the coming months as Bitcoin’s demand jumps. Also, this drop could be a shakeout, where an asset drops sharply and then resumes the uptrend.
Jasmy price forecast
JASMY chart by TradingView
The daily chart shows that the Jasmy token price peaked at $0.02757 this month. It has now retreated sharply in the past few days. Despite this pullback, the coin has remained above the 25-day and 50-day Exponential Moving Averages (EMA),
The two lines of the MACD have made a bearish crossover pattern. Also, the Relative Strength Index (RSI) is nearing the neutral point. Therefore, I suspect that the JasmyCoin price will continue falling for a while and then rebound as bulls target the YTD high of $0.0275.
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