The JasmyCoin price staged a strong comeback in May as investors cheered the recent approval of spot Ethereum Exchange Traded Funds (ETF). Jasmy surged to a high of $0.02876, its highest swing since August 2022. It has become one of the best-performing tokens in the market, rising by over 470% from its lowest point in 2023, giving it a market cap of over $2 billion.
Crypto fear and greed index rises
Jasmy coin joined other digital coins in cheering the recent decision by the SEC to approve three Ether ETFs last week. These ETFs cannot be traded yet as the SEC completes reviewing other applications.
The approval was seen as a big milestone because Ethereum is a Proof-of-Stake (PoS) network with staking features. As a result, the SEC has always viewed the post-merge Ether as an unregistered security. Just recently, the agency sent Well’s Notice to companies like Uniswap and Robinhood about this.
Therefore, Jasmy rose after this approval for two reasons. First, it opens the door for a company to apply for a Jasmy ETF in the next few years. Second, Jasmy is an Ethereum’s ERC token, meaning that delisting risks have been reduced.
Jasmy token saw a surge in value when Donald Trump became the second presidential candidate to endorse cryptocurrency, following Robert F. Kennedy. During a speech at the Libertarian Convention, Trump stated that his administration would support Bitcoin and the right to self-custody. This could potentially occur if he appoints a person who supports the industry as the head of the SEC.
JasmyCoin also experienced a jump in value after the House passed a highly anticipated crypto bill aimed at providing more clarity in the industry. The bill divides regulations between the SEC and the CFTC. The SEC has criticized the bill, warning that it may pose additional risks to American investors. It remains uncertain whether the Senate will consider the bill.
All these factors have helped to push the crypto fear and greed index to the green zone. It has jumped to 65, the highest point in weeks. In most cases, cryptocurrencies do well when investors are greedy.
Jasmy price forecast
The JasmyCoin price has worked well as predicted last week. As mentioned earlier, the token had formed a small inverse head and shoulders pattern, a popular bullish sign. It therefore made a strong bullish breakout and reached a two-year high of $0.028.
The token has moved above the middle line of Andrew’s pitchfork tool and the 50-day and 100-day Exponential Moving Averages (EMA). At the same time, the Relative Strength Index (RSI) and the ADX indicators have all pointed upwards.
Therefore, the token’s outlook is neutral for now since it has formed what resembles a double-top pattern at $0.0275. In most cases, a double-top is one of the most bearish signs in the market. Therefore, more upside will only be confirmed if the Jasmy token surges above Monday’s high of $0.028. If this happens, it will then jump to the psychological level at $0.030.
