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06/06/2024

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Why Is Jasmy Coin Dropping? Price Analysis

Jasmy coin was one of the top-performing coins last week as many investors rushed to buy it. However, it now seems to be preparing for a price drop from its current level.Get Instant 100,000 CHIKA Tokens...

Why Is Jasmy Coin Dropping? Price Analysis

Jasmy coin was one of the top-performing coins last week as many investors rushed to buy it. However, it now seems to be preparing for a price drop from its current level.

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JasmyCoin was one of the best-performing coins last week as investors rushed to buy it after a misunderstood Apple announcement. The price of JASMY surged to $0.040 before slowing down. On Thursday, during European business hours, JASMY traded around $0.039, which is a 0.6% drop in the last 24 hours but a 57.6% increase over the past week.

JASMY Price Analysis and Potential Movements

Current Price Trends and Support Levels: For the past 10 days, JASMY has been making higher highs, but it may be due for a retreat soon. Despite this, the price is still trending above the 50-day and 200-day simple moving averages (SMA), with strong support forming around the 0.5 Fibonacci retracement level. Recently, JASMY surged to a new high of $0.0425 before correcting back by 8%.

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

Potential Retracement and Support Factors: Additionally, below the range, the 0.5 Fibonacci retracement level coincides with a fair value gap (FVG) that is yet to be filled, indicating the possibility of a 23% retracement from the current price.

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

JASMY Price Volatility and Market Concerns

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.

Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

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  • Asad

    Asad is a dynamic and talented cryptocurrency content author who brings a wealth of knowledge and enthusiasm to every article. With a deep understanding of blockchain technology and a passion for digital assets, Asad's writing is both informative and engaging.

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