JasmyCoin price has moved sideways since March as the most recent crypto rally faded. After surging to the year-to-date high of $0.027 in March, the token plunged by over 44% to a low of $0.01526, where it failed to move on March 5th and19th and May 1st. It was trading at $0.020 on Wednesday, 35% above that support.
Why JasmyCoin can rebound
Jasmy price stalled recently because of the general performance of the crypto industry. Bitcoin, the biggest crypto in the world, had a similar performance. After jumping to a record high of $73,800 in March, it dropped to a low of $57,000. Jasmy and other altcoins have a close correlation with Bitcoin.
There are a few reasons why its price could bounce back soon. First, analysts are bullish that Bitcoin will blast above its all-time high as ETF inflows rise and supply on exchanges continues falling. All the spot Bitcoin ETFs have already attracted billions of dollars in assets and the trend may continue.
All this will happen at a time when Bitcoin supply is slowing because of the recent halving event that has led to a big increase in mining difficulty. Therefore, the supply and demand imbalance will likely lead to more Bitcoin gains.
Tom Lee, the well-known founder of FundStrat, believes that Bitcoin can surge to over $150k later this year. Cathie Wood and Standard Chartered Bank analysts expect the coin to have more upside in the longer term.
Second, Jasmy token will likely do well if the SEC approves spot Ethereum ETF applications by companies like Blackrock, Franklin Templeton, and Invesco. Such a move will be positive for most cryptocurrencies because Ether is the second-biggest player in the industry.
Finally, recent economic numbers pointed to potential rate cuts in the US, EU, and the United States. The Fed and the ECB have hinted that the first cut will happen in June while Fed officials expect the cut to start either in the third or fourth quarter.
Risky assets do well when central banks cut interest rates, which explains why US and European stock indices are trading at a record high. If this happens, JasmyCoin (JASMY) and other coins like Solana, Avalanche, and Ripple will likely do well.
JASMY price forecast
The other bullish catalyst for JASMY token is its technical patterns. The daily chart above shows that the token found strong support at $0.015, which failed to move below in May. It has also formed a small inverse head and shoulders pattern, a popular bullish sign.
JasmyCoin has also constantly remained above the 100-day moving average. It has recently flipped the 50-day MA into a support level and is slowly moving above the Ichimoku cloud indicator. Therefore, the token will likely have a bullish breakout, with the next price to watch at $0.024, its highest swing on March 26th.
