Here’s why JasmyCoin ($JASMY) price is pumping

JasmyCoin ($JASMY) price is pumping, erasing some of the losses it made earlier this week. The token jumped to a high of $0.020 on Wednesday, 35% above its lowest level this week. It remains much lower than the YTD high of $0.027.

Why JasmyCoin is soaring

JasmyCoin price has staged a strong rebound as investors bought the dip after it dropped by more than 44% between March 4th and its lowest point on Tuesday. 

This rebound is in line with the broader crypto rebound. Bitcoin has soared above $67,000 while other altcoins like Ondo, Floki, Axelar, Sui, and Bitcoin Cash have surged by more than 20% in the past 24 hours.

Most of these gains are because of the moderately dovish Federal Reserve decision. In a statement, the Fed said that it would leave interest rates unchanged between 5.25% and 5.50%. Rates have remained in this range in the past few months. 

The Fed’s dot plot pointed to three rate cuts this year, with the initial one coming in June this year. This was a surprise since inflation has remained much higher than the Fed’s target of 2%. The headline CPI stood at 3.1% while core inflation was at 3.8%.

The financial market has welcomed the dovish tone. American stocks surged to a record high while the US dollar index (DXY) and bond yields have pulled back sharply. 

Jasmy is also bouncing back as investors assess the reason for the recent Bitcoin price plunge. Bitcoin dropped because of the ongoing liquidation of assets in the Grayscale Bitcoin Trust (GBTC), the biggest ETF in the industry.

GBTC holders have dumped assets worth billions of dollars recently because of the substantial fees. It has an expense ratio of 1.50%, which is 1.25% higher than that of the iShares Bitcoin Trust (IBIT). 

Therefore, this dump will likely be temporary, meaning that Bitcoin has more upside ahead of halving. Analysts at Standard Chartered expect that Bitcoin will rise to $150,000 later this year. These analysts have been highly accurate this year.

Jasmy price forecast

JASMY chart by TradingView

There is a technical reason why the $JASMY token price is pumping. On the daily chart, we see that the token formed a long-legged doji candlestick pattern. In most cases, this pattern is one of the most bullish signs in the market.

Jasmy also remained much higher than the 50-day and 100-day Exponential Moving Averages (EMA), which is a positive sign. The MACD indicator has also remained above the neutral point.

Therefore, the outlook for Jasmy is extremely bullish, with the next target to watch being at $0.027, the highest point this year.