- Jasmy is a popular cryptocurrency that is often seen as Japan’s Bitcoin.
- The coin is sitting at a key support as Bitcoin price drifts below $30,000.
- It could soon have a bearish breakout in the next few days.
Jasmy coin price continued its bearish trend on Thursday as Bitcoin continued dropping below the support of $30,000. The coin, which is seen as Japan’s Bitcoin, dropped to a low of $0.0038, the lowest level since July 7th. It has dropped by almost 20% from the highest point this month.
Bitcoin drops below $30,000
Jasmy is a relatively small cryptocurrency with a market cap of over $186 million. It was started by ex employees of well-known companies like Sony. Fundamentally, Jasmy provides data protection solutions to both individuals and companies.
However, the coin is often seen as Japan’s version of Bitcoin, the biggest cryptocurrency in the world. As a result, in most cases, Jasmy tends to have a close correlation with Bitcoin. This explains why its coin has drifted downwards this week.
Bitcoin has remained quite under pressure even after a series of positive news in the industry. First, the US has published a series of weak economic numbers. The non-farm payrolls (NFP) numbers missed estimates while inflation dropped to 3%.
Other numbers revealed that the country’s retail sales dropped in June as demand waned. The housing sector deteriorated, with the housing starts and building permits falling sharply. Existing home sales also dropped.
These numbers mean that the Federal Reserve could rethink its hawkish tone. I believe that the bank will decide to hike rates by 0.25% in July and then leave them there for a while.
Second, Ripple prevailed in its long-running lawsuit with the SEC. Therefore, by falling, it means that demand for Bitcoin is waning. This trend could push Jasmy sharply lower in the coming days.
Jasmy price prediction
Jasmy has been in a strong downward trend in the past few days. As a result, it remains below the descending trendline that connects the highest level since June 26th. The coin is sitting at an important support at $0.0038, the lowest point since June. As a result, it has formed what looks like a descending triangle pattern.
Jasmy has moved below the 25-period and 50-period moving averages. Therefore, the outlook for Jasmy is bearish if sellers manage to push it below the support at $0.0038. If this happens, the next level to watch will be at $0.0036.
