Jasmycoin (JASMY) has struggled to maintain stability in the last 24 hours, following a widespread market downturn triggered by geopolitical unrest. The missile strike from Iran on Israel, coupled with large-scale crypto liquidations, caused a ripple effect across the market. Jasmycoin, like many altcoins, experienced a sharp decline. This article explores the impact of these events on JASMY’s price and delves into key technical indicators guiding the market outlook.
Global Conflict Sparks Crypto Sell-off
The conflict between Iran and Israel sent shockwaves through the financial markets, heightening uncertainty. This, in turn, led to a crypto market sell-off, as investors rushed to protect their capital. Jasmycoin was caught in this wave, with its price sinking to $0.020317 before a slight recovery.
Bitcoin (BTC), the market leader, dropped to $60,541 as over $290 million in long positions were liquidated overnight. This drop in Bitcoin’s value influenced JASMY’s sharp decline, highlighting the interconnected nature of altcoins with BTC.
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Key Technical Indicators Reflect Bearish Sentiment
Jasmycoin’s price remains below crucial moving averages, indicating continued bearish pressure. The 20 EMA is currently at $0.021777, the 50 EMA at $0.021896, and the 200 EMA stands at $0.022311. The inability of JASMY to break above these levels suggests further consolidation or downside risk.
The Relative Strength Index (RSI) divergence shows a positive reading of 0.524733. This indicates that while there is some buying pressure, it is not yet strong enough to trigger a clear recovery.
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Future Outlook and Key Levels to Watch
Jasmycoin needs to break through the resistance formed by the 50 and 200 EMAs to see a bullish recovery. However, the broader market environment, driven by geopolitical tensions and Bitcoin’s price action, will play a crucial role in determining whether JASMY can bounce back. Investors should brace for potential volatility as market conditions remain uncertain.
