Technology

Why Is Jasmy Coin Crashing? – Crypto News

Published

10 months ago

June 6, 2024

Dripp

JasmyCoin was among the best-performing coins last week as the market rushed to bag this coin following a misconstrued Apple announcement. JASMY price pumped to a high of $0.040 before cooling off for a bot.

The price of JASMY traded around $0.039 during European business hours on Thursday, a 0.6% decrease in 24 hours and a 57.6% increase in the past 7 days.

JASMY Price Analysis: Is a 23% Retrace Forthcoming?

JASMY price has been making higher highs for the past 10 days and may be due for a retreat soon. However, the price is still trending above the 50-day and 200-day simple moving averages (SMA), and strong support is forming around the 0.5 Fibonacci retracement level. The price of JASMY surged higher and posted a new high at $0.0425 before correcting back by 8%.

On the 30-minute chart, the price of JASMY is currently supported by the top of a range ($0.0372) from which it previously broke out. If price action breaks below this level, it may enter back into the range.

Additionally, below the range, the 0.5 Fibonacci retracement level coincides with a fair value gap (FVG) that is yet to be filled, further confirming the possibility of a 23% retracement from the current price.

On the flip side, bulls may still compete to push the price higher, aiming for $0.049, $0.059, and $0.064. They may encounter some weak resistance around the $0.042 area.

JASMY Price Future Outlook

JASMY’s price could rebound following the impending retracement, but investors in the crypto community are apprehensive about a significant pullback for the coin. The surge in JasmyCoin followed a misunderstanding of Apple’s recent announcement about integrating Japan’s ‘My Number’ feature into their iPhones.

Investors presumed JasmyCoin, a key player in the decentralized Physical Infrastructure Network (DePIN) sector, was involved, thus driving its rally. It surged by 57% in the past week based on this news, which has now been clarified as a misinterpretation.

Additionally, concerns arise over DWF Labs, which recently deposited 50 million JASMY tokens valued at approximately $1.57 million into Binance. They might drastically reduce their current holdings at this profit-taking juncture, considering they already have a 3x profit. Currently, Jasmy has witnessed a decline in trading volume of -57.20% in the last 24 hours, indicating a slowdown in market activity.

Bottom Line

The crypto markets are volatile and information is sensitive. Misconstrued information can make or break a project in this young digital financial space. Nevertheless, JASMY investors continue to remain hopeful, even though the news of the Apple partnership was a hoax.