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Cryptocurrency prices are thriving, helped by the strong performance of Bitcoin, the biggest crypto in the world. Bitcoin retested the important psychological level of $45,000 this week and analysts believe that it will continue the uptrend in the coming months.
JasmyCoin, the so-called Bitcoin of Japan, has risen to $0.0065, its highest point since May 10th. It has jumped by more than 110% from the lowest point this year.
Why is the Jasmy soaring?
JasmyCoin and other altcoins are not necessarily rallying because of any major news in their ecosystems. In fact, the company and its developers have not made any major announcements in the past few weeks.
Instead, Jasmy is soaring because of the ongoing altcoin season, which has been sparked by Bitcoin. There are three main reasons why BTC price is soaring. First, there are elevated chances that the Securities and Exchange Commission (SEC) will approve a spot Bitcoin ETF in the coming months or weeks.
For one, companies that have applied for these funds are specialists in the industry. Blackrock is the biggest asset manager in the world with over $9.2 trillion in assets under management (AUM). It operates hundreds of ETFs through its iShares brand. The same is true for other companies like Franklin Templeton and Invesco.
Second, there are high chances that the Fed will start cutting rates in the next half of 2023 now that it has engineered a soft landing. Economic numbers published on Friday showed that the unemployment ratedropped to 3.7% as the economy added over 199k jobs.
The next important data to watch will be the latest US consumer inflation numbers, which are scheduled for Wednesday. These numbers will likely show that inflation dropped again in November now that gasoline prices have tumbled.
Finally, Bitcoin price always rallies ahead of halving. The next halving event will happen in April next year.
Therefore, Jasmy is rallying because it correlates with Bitcoin. This also explains why other cryptocurrencies like Solana, Cardano, and Bonk are surging.
JasmyCoin price forecast
JASMY chart by TradingView
The daily chart shows that Jasmy has done two vital things recently. It has formed a golden cross pattern, which happens when the 50-day and 200-day Exponential Moving Averages (EMA) crosses over. In most cases, this pattern is one of the most bullish ones in the market.
It has also invalidated the double-top pattern, which I wrote about here. This is a sign that the coin is getting supercharged. Therefore, the outlook for Jasmy is now bullish, with the next price target being at $0.0080, the highest point on May 4th. This price is about 28% above the current level.
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