Jasmy Price Analysis Shows Formation of Bullish Pattern
JasmyCoin (JASMY) has been losing steam recently as all eyes turn to the impending Federal Reserve interest rate announcement. Trading at $0.039 on Monday, the token has slipped from its peak of $0.045 earlier this month. Despite this decline, JasmyCoin has been a standout performer this year, surging by a remarkable 720% from its low point in January.
The token’s impressive rally hit a snag following the release of robust US job figures last Friday. With over 272k jobs added in May, well above the anticipated 183k, the economy demonstrated strength. Despite the rise in the unemployment rate to 4.0%, wage growth increased by 4%, reflecting a positive trend. These figures emerged shortly after encouraging consumer confidence data was unveiled.
As the Federal Reserve gears up for its interest rate decision in June, market watchers anticipate that rates will remain steady between 5.25% and 5.50%. Speculation suggests that the dot plot may hint at a potential rate cut later in the year.
Cryptocurrencies like JasmyCoin are particularly sensitive to interest rate movements. Typically, digital assets perform better when the Fed is easing rates or hinting at future rate cuts.
JasmyCoin’s momentum has been hindered by the strong resistance encountered by Bitcoin. Despite ETF inflows and dwindling exchange balances, Bitcoin struggled to surpass the $72,000 mark. Nevertheless, hopes are high for a Bitcoin resurgence, especially as it forms an inverse head and shoulders pattern. Should this materialize, popular altcoins such as JasmyCoin are likely to follow suit and rebound.
Investors have begun to take profits, resulting in JasmyCoin’s wavering price. It’s a common occurrence after a significant rally in asset prices.
A glance at the daily chart reveals a positive trend for JASMY’s price in recent months. Breaking through the critical resistance level at $0.02756, set on March 4th, the token has consistently traded above the 50-day and 25-day moving averages. Additionally, indicators like the Awesome Oscillator and Relative Strength Index (RSI) point to bullish sentiment, with the token forming a bullish flag pattern.
Looking ahead to the Federal Reserve decision, further gains could be on the horizon if JasmyCoin surpasses its year-to-date high of $0.045. A potential breakthrough could propel the token towards the psychological barrier of $0.050.
