Jasmy token price nears a key support level: Buy the dip?

2023-7-17 23:33

Jasmy crypto price drifted downwards during the weekend as the recent bullish momentum continued. The coin dropped to $0.0040 on Sunday, sharply lower than last week’s high of $0.0041. In all, the coin is about 28% above the lowest level in June.

Cryptocurrencies momentum ease

Jasmy and other cryptocurrency prices had a big week last week. From a monetary perspective, the US published another set of economic numbers. The consumer price index (CPI) dropped from 4.1% in May to 3.0% in June. The decline was worse than the median expectation of 3.1%.

The data came a few days after the US published weak jobs numbers. According to the Bureau of Labor Statistics (BLS), the economy added just 209k jobs in June. While this was a strong number, it was lower than the ADP estimate of over 450k.

Therefore, there is a likelihood that the Fed has a shorter room to hike interest rates. I suspect that the bank will hike by 0.25% this month and then pause. As a result, the US dollar index (DXY) has plunged to the lowest level in months.

Jasmy also jumped after the outcome of the Ripple vs SEC case, which we wrote about here. In summary, the judge ruled that the Ripple Labs violated some laws in 2013 and that XRP was not a financial security.

Ripple and other cryptocurrencies jumped and erased some of these gains. This performance is mostly because of a situation known as buying the rumour and selling the news.

Also, the coins dropped as investors waited for the next key catalyst. It is unclear what that catalyst will be. One of the potential one will be from corporate America as companies publish their quarterly results.

Meanwhile, Jasmy has continued adding holders. According to Etherscan, there are now over 53k Jasmy holders.

Jasmy price prediction

The 4H chart shows that the JASMY token rose to $0.0044 last week after the Ripple vs SEC case. It then drifted downwards and is now hovering above the key support level of $0.0038. This is an important level since the coin struggled moving below it several times this month.

Jasmy has moved below the 25-period and 50-period moving averages. Therefore, a move below the support at $0.0038 will signal that there are more sellers in the market. If this happens, the next level to watch will be at $0.0035.

The post Jasmy token price nears a key support level: Buy the dip? appeared first on Invezz.

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