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JasmyCoin (JASMY) price held steady during the weekend as the sentiment in the crypto industry improved. The popular Japanese cryptocurrency jumped to the crucial resistance point at $0.024, its highest point since April 28th. This rally coincided with the recent gains in coins like Core, Ondo Finance, and Chiliz.
Key catalysts for JasmyCoin
Jasmy token price rose because of the recent developments in the crypto industry. The Securities and Exchange Commission (SEC) approved Ethereum ETFs, five months after it approved eleven Bitcoin ETFs. These ETFs have seen billions of dollars in inflows in the past few months.
Most analysts were concerned that the agency would not approve Ether ETFs because it views the coin as an unregistered security because of its staking features.
The other big crypto news came from Donald Trump, who talked at a Libertarian conference. In it, he committed to safeguarding cryptocurrencies like Bitcoin, promoting self-custody, and banning a Central Bank Digital Currency (CBDC). Most libertarians and conservatives believe that CBDCs would be bad for individual freedom.
Still, there are some concerns in the crypto industry. First, it is unclear what the next catalyst in the industry will be since the SEC has already approved ETH and BTC ETFs and Bitcoin halving has already happened.
Also, there are concerns that central banks will not cut interest rates at a faster pace than expected. Just this week, analysts at Morgan Stanley and HSBC have pushed back their Bank of England (BoE) rate cuts estimates from June to August.
Minutes released on Wednesday showed that some Fed officials considered hiking rates in the last meeting. All this implies that interest rates will remain higher for longer, which could affect cryptocurrencies like Jasmy and Bitcoin.
JasmyCoin price forecast
JASMY chart by TradingView
Turning to the daily chart, we see that the JASMY token bottomed at $0.015 in May as Bitcoin dropped to $57,000. It has now bounced back jumped above the 50-day and 25-day Exponential Moving Averages (EMA). The two indicators have even made a bullish crossover pattern.
Jasmy has also formed an inverse head and shoulders pattern, a popular sign of a bullish crossover. Therefore, the pair’s outlook is modestly bullish, with the next point to watch being at $0.0244, its highest swing on March 26th. A break above that level will see it soar to the year-to-date high of $0.02757.
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