Jasmy Coin price has crashed in the past few weeks as demand for Japan’s Bitcoin crashed. It fell to a low of $0.0050, which was its all-time low. The coin has crashed by more than 98% from its all-time high. It has fallen by more than 94% this year, making it one of the worst-performing cryptocurrencies in the world. Its market cap has plunged to just $21 million.
Should you buy the Jasmy dip?
Jasmy is a small blockchain project that was built by former senior executives at Sony. It is a platform whose goal is to help companies manage user data well using blockchain technology.
Recently, the developers partnered with Sagan Tosun, a well-known Japanese football team. As part of this partnership, the team managed to launch its fan token offering (FTO) using its technology. Still, the token has underperformed since its launch.
JasmyCoin price has crashed hard for several reasons. First, a closer look at the overall trading volume shows that it has dropped sharply in the past few months. This is a sign that its demand has evaporated. Indeed, a closer look at search and social media data shows that its search and mentions have declined sharply in the past few months.
Second, Jasmy Coin price has also crashed because of macro factors. In Japan, yen has plunged to the lowest level in years while the US dollar has surged. The Federal Reserve has maintained a highly hawkish tone that has pulled people away from risky assets like cryptocurrencies.
Jasmy Coin price prediction
The daily chart shows that the Jasmy price has been in a strong bearish trend in the past few months. The coin crashed below the important support level at $0.0082, which was the lowest level in May, June, July, and August. It has moved below all moving averages while all oscillators have moved lower.
Therefore, while Jasmy has become incredibly cheap, the path of the least resistance is lower, with the next key level to watch being at $0.0035. The stop-loss for this trade will be at $0.0050.