Jasmy (JASMY) Price Prediction: JASMY Forms a Bearish Pennant Pattern, Targeting Further Declines

Jasmy price has suffered a harsh reversal this month, moving into a bear market after falling by more than 30% from its highs.

Jasmy (JASMY) price has taken a beating this month, sliding into a bear market after dropping by more than 30% from its highs.

Jasmy, like other cryptocurrencies, is feeling the heat from recent Bitcoin price action. After hitting $72,000 earlier this month, Bitcoin formed a double-top pattern and dropped by over 14%.

This drop came as outflows from the Bitcoin ETF accelerated and the German government sold thousands of its Bitcoins. Several Bitcoin mining firms have also sold their coins in what seems to be a sign of capitulation. As a result, Bitcoin balances in exchanges have risen slightly in recent days as shown below.

Bitcoin balances in exchanges

Moreover, there are concerns that the Fed will be among the last major central banks to cut interest rates as US inflation remains sticky. Some of its counterparts like the Bank of Canada, ECB, and SNB have begun their cutting cycle.

Jasmy’s pullback is also coming at a time when its social media mentions and trading volume have pulled back. According to data, the daily average of JASMY traded in exchanges has dropped to less than $160 million in recent days.

Earlier this month, the average volume was at more than $500 million. Similarly, in the futures market, open interest has dropped from $82 million on June 5th to $40 million today.

Jasmy open interest

Jasmy price forming a bearish pattern

JasmyCoin price chart

From a technical perspective, the recent sell-off started after the JASMY token formed a long-legged doji candlestick pattern on June 4th. This doji is usually identified as a top reversal candlestick in technical analysis.

JASMY has now formed a bearish pennant pattern, which is a formation that is made up of a long flag pole and a symmetrical triangle. This pattern usually breaks out bearishly as it approaches the apex. Therefore, unless market conditions improve, the token will be setting up for more declines.

Luckily, JasmyCoin has managed to stay above the 50-day moving average and the key support at $0.02757, which was its highest swing in March. As such, more declines will be confirmed if the price drops below that level.

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