Jasmy (JASMY) Price Analysis: JASMY Stalls in a Sideways Trend, Will the Janction Network Launch Be the Key Catalyst?

JasmyCoin, a popular cryptocurrency often compared to Japan's Bitcoin, has lagged behind the market since August.

JasmyCoin (CRYPTO: JASMY) was trading at a psychological point on Monday, with minimal gains from the September lows.

Jasmy’s consolidation happened as Bitcoin continued its strong rebound, rising to an important resistance point. It also had strong fundamentals, with total Bitcoin ETF inflows jumping to over $20.9 billion.

Jasmy’s dull performance could also be attributed to the crypto fear and greed index moving into the greed zone at 62. In most periods, cryptocurrencies like Jasmy and Bitcoin performed well when there was a sense of greed in the market.

Data showed that Jasmy’s volume has dropped in the past few days. Its daily volume has averaged about $80 million in the past few days. A few months ago, this was a token that was averaging over $150 million in volume. Its futures open interest has also died down recently.

What next for the JASMY token? The next key catalyst for the token will be the launch of the Janction network, which launched its testnet last week.

Janction is a new Decentralized Public Infrastructure Network (DePIN) and AI chain incubated by members of the Jasmy ecosystem.

Meanwhile, Hara, the CFO of Jasmy and CEO of Janction will be a keynote speaker at the Blockchain Life event on Oct. 22 in Dubai. In some cases, cryptocurrencies rise ahead of major events in their network.

HARA takes the stage at Blockchain Life 2024 in Dubai

@HARA_JasmyCFO, the CFO of @JASMY45725535, CEO of @JanctionMGT_JP shares his insights in just 2 months.

Over 10,000 attendees from 120 countries join the Crypto Event of the Year.?

Buy tickets: https://t.co/n4bnEj8iuK pic.twitter.com/Yn5wAwpDtX

Jasmy price analysis: The daily chart showed that the Jasmy token has moved sideways in the past few months. It remained below the descending trendline that connects the highest swing in June, July, and September 28.

JasmyCoin also found substantial support at $0.018, where it failed to move below since August. This price is also along the 61.8% Fibonacci Retracement point.

Therefore, on the positive side, this could be a sign that it has bottomed, which could lead to a bullish breakout, especially if Bitcoin makes a bullish breakout.

On the negative side, it remained below the 50-day moving average. It also formed a descending triangle pattern. As such, a drop below the support at $0.018 will point to more downside, as sellers target the next support at $0.01180, the 78.65 retracement point.

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