- Jasmy token price has rallied by over 176% from its lowest point in 2023.
- The outlook for 2024 is relatively bullish because of numerous tailwinds.
- JASMY is likely on track to retest the psychological level of $0.01.
JasmyCoin ($JASMY) price had a strong performance in 2023 as demand for cryptocurrencies rose. The coin, often known as Japan’s Bitcoin, started the year at $0.0027 and surged to a high of $0.0074, a 176% increase. This rally brought the coin’s market valuation to over $325 million. So, what next for Jasmy in 2024?
Why Jasmy jumped in 2023
Jasmy, like other cryptocurrencies, started the year on a relatively somber tone as the collapse of FTX reverberated worldwide. This was big news since FTX was the second-biggest crypto exchange in the world by valuation from Binance. In the end, Sam Bankman-Frief (SBF) was found guilty and is waiting sentencing.
It was also a difficult period since the Federal Reserve maintained an extremely hawkish tone. It had delivered several rate hikes and implemented quantitative tightening policies that led to lower liquidity in the market.
Most importantly, Jasmy started the year at a time when most cryptocurrencies had collapsed. Bitcoin had crashed from its all-time high of near $67,000 to below $20,000.
Jasmy and other cryptocurrencies went through additional challenges in 2023. The most challenging one was the major lawsuits by the Securities and Exchange Commission (SEC) against Coinbase and Binance.
Still, the coin had a good year for several reasons. First, hopes of a spot Bitcoin ETF jumped as several companies like Blackrock, Franklin Templeton, Invesco, and Fidelity made their applications. Combined, these companies have over $13 trillion in assets under management (AUM).
While the SEC has not approved the ETFs yet, most analysts believe that it will happen soon. A spot ETF is a positive thing for both Bitcoin and other altcoins. If it is approved, some companies will likely file for altcoin ETFs like Jasmy and Ethereum.
Jasmy also jumped as the Federal Reserve changed its tune on interest rates. In its last decision in December, the committee signaled that it will start slashing rates in 2024. Economists see at least three rate cuts during the year.
Further, Jasmy jumped after the SEC lost a few cases in 2023. It lost its closely watched case against Ripple Labs. And most recently, it lost a lawsuit against Grayscale, which runs the biggest Bitcoin fund in the world.
Jasmy price forecast
The daily chart shows that the $JASMY token price has been in a strong uptrend in the past few months. Recently, however, it has retreated from a high of $0.0074 to $0.0066. It remains above the 50-day and 100-day Exponential Moving Averages (EMA). Also, the Relative Strength Index (RSI) has pointed downwards.
Still, I believe that this retreat is likely part of the ongoing tax-loss harvesting. Therefore, my base case is that the coin will rebound in January and rise to a high of $0.01, which is about 50% above the current level. This rebound will happen as the January Effect takes shape and as volume increases.
