Jasmy price analysis: bullish pattern forming
JasmyCoin (JASMY) price has lost momentum in the past few days as focus shifts to the upcoming Federal Reserve interest rate decision. The token was trading at $0.039 on Monday, down from this month’s high of $0.045. It has been one of the hottest token this year as it jumped by over 720% from its lowest point in January.
Federal Reserve decision ahead
Jasmy’s strong rally stalled after the US published strong jobs numbers on Friday. According to the BLS, the economy created over 272k jobs in May, beating the consensus estimate of 183k.
While the unemployment rate rose to 4.0%, the country’s wage growth gained momentum, rising by 4%. These numbers came two weeks after the US released strong consumer confidence numbers.
They also came as the Federal Reserve prepared to deliver its June interest rate decision. Most analysts expect that the bank will leave interest rates unchanged between 5.25% and 5.50%. The dot plot will also point to a potential rate cut later this year.
Jasmy and other cryptocurrencies tend to be highly sensitive about interest rates. In most cases, digital currencies perform better when the Fed is either cutting rates or when it even hints of upcoming cuts.
Jasmy token has also stalled after Bitcoin found a strong barrier. Bitcoin struggled to find buyers above $72,000 even as ETF inflows continued and as balances in exchanges tumbled to the lowest level in months.
Still, there are hopes that Bitcoin will stage a strong recovery since it has formed an inverse head and shoulders pattern. If this happens, other popular altcoins like Jasmy will rebound as well.
Finally, Jasmy price wavered as investors started to book profits. This is expected after an asset has staged a strong rally.
Jasmy price forecast
The daily chart reveals that the $JASMY token price has rebounded in the past few months. It recently crossed the crucial resistance level at $0.02756, its highest swing on March 4th. It has constantly remained above the 50-day and 25-day moving averages.
Further, the Awesome Oscillator has remained above the neutral point while the Relative Strength Index (RSI) has remained above the ascending trendline shown in red. The token is also forming a bullish flag pattern.
Therefore, the token’s outlook is bullish ahead of the Federal Reserve decision. If this happens more gains will be confirmed if Jasmy jumps above the year-to-date high of $0.045. This trend could see it jump to the next psychological point at $0.050.
