JasmyCoin, a popular cryptocurrency often compared to Japan’s Bitcoin, has lagged behind the market since August. JASMY was trading at the psychological point at $0.020, a few points above the September low of $0.0180.
Jasmy’s consolidation happened as Bitcoin continued its strong rebound, rising to the important resistance point at $69,000. It also has strong fundamentals, with the total Bitcoin ETF inflows jumping to over $20.9 billion.
Jasmy has also struggled as the crypto fear and greed index has moved to the greed zone of 62. In most periods, cryptocurrencies like Jasmy and Bitcoin do well when there is a sense of greed in the market.
Data shows that Jasmy’s volume has dropped in the past few days. Its daily volume has averaged about $80 million in the past few days. A few months ago, this was a token that was averaging over $150 million in volume. Its futures open interest has also died down recently.
The next key catalyst for the JASMY token will be the launch of the Janction network, which launched its testnet last week. Janction is a new Decentralized Public Infrastructure Network (DePIN) and AI chain incubated by members of the Jasmy ecosystem.
Meanwhile, Hara, the CFO of Jasmy and CEO of Janction will be a keynote speaker at the Blockchain Life event on Oct. 22 in Dubai. In some cases, cryptocurrencies rise ahead of major events in their network.
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Jasmy price analysis
The daily chart shows that the Jasmy token has moved sideways in the past few months. It has remained below the descending trendline that connects the highest swing in June, July, and September 28.
JasmyCoin has also found substantial support at $0.018, where it has failed to move below since August. This price is also along the 61.8% Fibonacci Retracement point.
Therefore, on the positive side, this could be a sign that it has bottomed, which could lead to a bullish breakout, especially if Bitcoin makes a bullish breakout.
On the negative side, it has remained below the 50-day moving average. It has also formed a descending triangle pattern. As such, a drop below the support at $0.018 will point to more downside, as sellers target the next support at $0.01180, the 78.65 retracement point.
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