JasmyCoin Plummets 20% Amid Bitcoin Sell-Off: Will a Bullish Reversal Save It?

JasmyCoin: Bargain or Bust? Analyzing Extreme Oversold Signals

JasmyCoin has dropped by double digits following a massive Bitcoin sell-off. However, analysts remain bullish with an expected price hike incoming.

JASMY Drops 20.6% Amid Market Bleeding

JasmyCoin’s price plummeted by 20.6% amid ongoing market bleeding due to Bitcoin’s sell-off. During European business hours on Friday, JASMY hovered around $0.019, representing a 36% crash in the last 7 days. Nonetheless, crypto enthusiasts remain hopeful, calling this the last pullback before the main bull run.

JasmyCoin Price May Dip Further to $0.015

Source| TradingView

JASMY had a good run following the misconstrued news of its partnership with Apple. After the hype, the sell-off began and the Bitcoin downturn exacerbated the situation. With Bitcoin’s market dominance at 51.8%, its price volatility affects most altcoins.

Surprisingly, JASMY is still trending above the 200-day simple moving average (SMA), despite the heavy drop. This indicator may provide some support around $0.02. However, if Bitcoin continues to bleed, JASMY’s price may fall lower and find support around $0.015. If JASMY bulls push the price higher from this level, the asset may increase by 42% to around $0.028, which coincides with the 0.618 Fibonacci retracement level.

JASMY RSI Nears Oversold Territory

JASMY’s 14-day relative strength index (RSI) is at 30, almost breaking into the oversold area. This suggests market participants can expect heightened selling momentum over the weekend before a reversal.

Analysts Maintain Bullish Outlook on JASMY

Despite the flailing price, analysts maintain a bullish outlook for JASMY. JasmyCoin’s bullish prospects include its role in the Internet of Things (IoT) sector, potential technological adoption, and positive market sentiment.

Crypto analyst Javon Marks predicted a 15X move from JASMY, aiming for $2.9. He updated this analysis from October 2023, stating nothing has changed. The Candle Wick, another analyst, predicts JASMY may bounce off the midline of an ascending channel, as it did in April.

In conclusion, JasmyCoin’s value plummeted 20% amid a broader Bitcoin sell-off. This decline shows the ripple effect major cryptos have on smaller altcoins. The sharp decline underscores how interconnected digital assets in the crypto market are.

Read Also: JasmyCoin (JASMY) 24-hour Price Analysis: Caught in the Downturn as it Declines by  9.88%, But What Does The Future Holds?

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Disclaimer: The information in this article should not be considered financial advice, and FXCryptoNews articles are intended only to provide educational and general information. Please consult with a financial advisor before making any investment decisions.

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