Jasmy Coin price prediction: Here’s why Japan’s Bitcoin is soaring

The JasmyCoin price continued its bullish trend as investors cheered the latest Bitcoin breakout. The coin jumped to a high of $0.0044 on Thursday, the highest point since June of this year. It has soared by over 50% from the lowest point this year. Other crypto tokens like Mina, Pepe, Gala, and Sui have also jumped sharply recently.

Bitcoin is the key driver

The main driver for Jasmy and other altcoins was the strong performance of Bitcoin, which surged to the highest point since May 2022. It jumped to a high of $37,000. It has surged by almost 50% from its lowest point in September and by 137% from its lowest level in November last year. This rebound makes it one of the best-performing assets this year.

Bitcoin managed to move above the bullish pennant pattern. In price action analysis, a bullish pennant is one of the most positive signs in the market. It remains above the 50-day and 100-day Exponential Moving Averages (EMA). 

Jasmy also jumped as the fear and greed index jumped to the greed zone of 74. In most cases, cryptocurrencies tend to rise when investors are getting greedy. Meanwhile, the VIX index has crashed to $14.45, the lowest point since September 20th. The index has plunged by more than 37% from its highest point in October.

The VIX index is one of the most popular gauges in the financial market. It looks at the options positioning of the S&P 500 index. Its crash has coincided with the ongoing rally of American equities. The Dow Jones and Nasdaq 100 indices have jumped in the past nine straight days. As such, investors believe that the Santa Claus rally is starting.

Jasmy has also surged after the latest Federal Reserve interest rate decision. In its meeting, the bank decided to leave interest rates unchanged between 5.25% and 5.50%. While the Fed hinted that the bank will continue hiking interest rates, analysts believe that it will leave rates intact for a while.

Jasmy price forecast

JASMY chart by TradingView

The daily chart shows that the JasmyCoin price has been in a strong bullish trend in the past few weeks. It has jumped from last month’s low of $0.0030 to a high of $0.0045. The coin has moved above the descending trendline that connects the highest swings since May this year.

Jasmy has moved above the 50-day and 25-day Exponential Moving Averages (EMA). At the same time, the Relative Strength Index (RSI) and the Stochastic Oscillator have moved above the overbought level. Therefore, the outlook for the coin is bullish, with the next level to watch will be at $0.0051, the highest point on May 19th. If this happens, the coin will need to rise by over 15.81% from the current level.