Jamsy coin price prediction is not looking very bullish as it has failed to show any strength. The higher timeframe analysis reveals that JASMY price is gaining acceptance below the critical level of $0.0043, which has been repeatedly mentioned in my previous forecasts.
On Thursday, the crypto markets are experiencing an intense sell-off due to a major pullback in the equity markets. The macroeconomic factors are pointing towards more rate hikes this year which is significantly impacting the demand for high-risk assets.
Will JASMY Crypto Recover?
Before the recent pullback, JASMY had been performing very well since the start of 2023. The coin rebounded from its December 2022 low of $0.0027 to its February 2023 peak of $0.0083. This translated into a whopping 206% price surge in less than 6 weeks.
Jasmy coin price is currently facing headwinds from the ongoing Bitcoin slump. On Thursday, the BTC price fell to $28,300, which is the lowest level for the pioneering digital asset since 21st June. This has triggered a strong sell-off in altcoins, sending most to their fresh yearly lows.
JASMY Coin Price Prediction To Flip Bearish
Even though the weekly market structure of the JASMY crypto remains bullish, in the lower timeframe, bears have gained control. The most critical level on the chart is the $0.0043 level. A weekly closure above this level would make JASMY coin price prediction very bullish.
Until the reclaim of this key level, it’s too risky to buy JAMSY as most altcoins await the next Bitcoin move. The following chart shows a bullish divergence developing on the Money Flow Index (MFI). If this plays out, the price may retest the $0.0043 level in the coming days. If Bitcoin keeps making new lows, the next target for JASMY could be the December lows of $0.0027.
While I’m not bullish on the JASMY coin, there are still many good projects available at discounted prices. I regularly mention such projects on my Twitter, where you are welcome to follow me.
