Jasmy Coin price: Cautiously optimistic as double-bottom forms

Jasmy Coin price held steady on Monday as cryptocurrencies continued consolidating. The token was trading at $0.0036 on Monday, where it has been at in the past few days. This price is a few points above last week’s low of $0.0030.

Investors are still fearful

Cryptocurrencies remained in a tight range as investors reflected on last week’s key events in the industry. As we wrote here, the Securities and Exchange Commission (SEC) suffered a major blow when it lost a case against Grayscale.

The loss came a few months after the SEC lost another case against Ripple Labs. In that case, the court ruled that XRP was not a security. Therefore, investors are hopeful that the SEC will not win all the cases it has brought targeting the industry.

Jasmy Coin price also reacted to the decision by the SEC to delay the approval process of spot ETFs by companies like Blackrock, Invesco, and WisdomTree. The SEC believes that it needs more time to review the safeguards by these firms.

Most analysts believe that the SEC will ultimately accept at least one spot ETF, a move that will lead to more inflows by institutional investors. If this happens, some analysts, especially FundStrat’s Tom Lee believe that Bitcoin price can surge to $150k. Jasmy would benefit if this happens.

Jasmy Coin price is also wavering as volume in the crypto industry wanes and as the fear and greed index remains in the red. According to Alternative, the crypto fear and greed index stands at 40, signaling that investors are still fearful.

The volume on Monday was a bit low because America’s markets were closed for the Labor Day holiday. This consolidation will likely continue throughout this week since there will be no major economic data from the US or earnings.

Jasmy Coin price forecast

The daily chart shows that the Jasmy token price has been in a bearish trend in the past few months. It found a strong support at $0.0030, where it formed a double-bottom pattern. In price action analysis, this pattern is usually a bullish sign.

Jasmy is also a few points below the descending trendline that connects the highest levels since May 20th. It is also consolidating at the 25-period and 50-period moving averages.

Therefore, Jasmy’s outlook is neutral. A bullish breakout will be confirmed if the price moves above the descending trendline. If this happens, the next key level to watch will be at $0.0042, the highest level on August 13th. The support point will be at the double-bottom level at $0.0030.