Bearish pattern formation puts Jasmy price in jeopardy
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Jasmy’s price trajectory took a sharp downturn this month, entering a bear market phase as it plummeted over 30% from its recent peaks. Like other cryptocurrencies, Jasmy felt the ripple effects of Bitcoin’s turbulent price movements. Bitcoin, which surged to $72,000 earlier in the month, encountered resistance and saw a significant 14% decline, partly driven by outflows from Bitcoin ETFs and the sale of thousands of Bitcoins by the German government. Several Bitcoin mining firms also contributed to the downturn by offloading their holdings in what appeared to be a capitulation move. Consequently, Bitcoin balances on exchanges have shown a slight uptick in recent days.
Moreover, indications suggest that the Federal Reserve may be among the last major central banks to reduce interest rates, given persistent high inflation in the United States. In contrast, counterparts such as the Bank of Canada, ECB, and SNB have already embarked on rate cuts.
Jasmy’s retreat coincided with a decrease in its social media mentions and trading volume. Recent data reveals that daily trading of JASMY on exchanges has averaged less than $160 million, a notable drop from over $500 million earlier this month. Similarly, open interest in the futures market has dwindled from $82 million on June 5th to $40 million presently.
Technically, the downturn in JasmyCoin began with the formation of a long-legged doji candlestick pattern on June 4th, often signaling a reversal in technical analysis. Currently, Jasmy has formed a bearish pennant pattern, characterized by a long flagpole and a symmetrical triangle, typically indicating a potential bearish breakout at convergence. Therefore, barring any market improvements, signs point to an imminent decline in the token’s value.
Fortunately, JasmyCoin has consistently held above its 50-day moving average and crucial support level of $0.02757, established during its peak in March. Should the price dip below this threshold, it would confirm further downside momentum.
