Jasmy price has bounced back in the past few days as investors reacted to last Friday’s Bitcoin halving event. JasmyCoin token jumped to a high of $0.021 on Tuesday morning, its highest point since April 13th this year. It has risen by over 275 from its lowest level this month.
Crypto fear and greed index is rising
Jasmy’s price action coincides with the performance of other cryptocurrencies that have bounced back recently. Bitcoin jumped to over $66,000, a big increase from this month’s low of $59,000. Similarly, Solana, Pepe, and Immutable X have all bounced back.
The rally also coincided with the strong comeback of American stocks on Monday. A closer look shows that the main indices like the Dow Jones, Nasdaq 100, and S&P 500 jumped by over 1% on Monday, erasing some of the losses made last week.
Nvidia, which crashed by over 10% on Friday, rose by more than 4.35% on Monday while Super Micro Computer rose by 0.47%.
A closer look at the crypto fear and greed index shows that investors are still greedy. It moved to the greed zone of 65, which is usually a positive sign.
This performance is happening a few days after Bitcoin executed its fourth halving that reduced the block rewards offered to miners. In most cases, this halving is usually a positive catalyst for Bitcoin and other coins.
Looking ahead, there is no Jasmy-focused news that is scheduled. As a result, the token will react to the performance of Bitcoin and other cryptocurrencies. It will also react to the next actions by the Federal Reserve, which is expected to either maintain interest rates steady or hike them if inflation remains stubbornly high.
As such, the key data to watch this week will be the US GDP and PCE scheduled for Thursday and Friday of this week. These numbers will provide more information on what to expect when the Fed meets next week.
Jasmy price forecast
The daily chart shows that the JasmyCoin price bottomed at $0.0028 earlier this year and then bounced back by 850% to a high of $0.027 on March 4th. It has been in a consolidation phase in the past few weeks.
Most importantly, the token has mostly remained above the 50-day and 25-day Exponential Moving Averages (EMA). In price action analysis, this is one of the most popular bullish signs. Additionally, the coin has formed a bullish pennant pattern that is shown in black.
A pennant is characterized by a long flag pole followed by a symmetrical triangle pattern. The Relative Strength Index (RSI) has moved above the neutral point while the two lines of the Relative Vigor Indicator have made a bullish crossover.
Therefore, the outlook for the Jasmy token is extremely bullish, with the next point to watch being at $0.025.
