A week to forget for crypto traders. As Bitcoin now trades below $61k and the whole market is in red, JasmyCoin is no exception. At press time, the JASMY price is trading around $0.024 and is down 8% today. From a weekly perspective, it’s down over 25%.
Crypto YouTuber ZX, whose analysis we often cover due to its effectiveness, posted an update on Jasmy price prediction today.
In his recent video, ZX highlighted an immediate support level for JASMY at around $0.02548. However, since the video went live, the price has declined further, suggesting this support level may have been breached. If this support is indeed lost, ZX warns that the price could potentially drop to around $0.0289, representing an additional 15% decline from the highlighted support.
The broader market uncertainty and recent stock market volatility are expected to exert additional selling pressure on cryptocurrencies, including JasmyCoin. As Bitcoin’s price movements significantly influence the altcoin market, a further decline in Bitcoin below $60,000 could potentially impact JasmyCoin’s price negatively.
He notes this could happen in his another video about Kaspa today that we also covered. Another development that might affect the market a lot is any big news on Ripple vs SEC case.
ZX points out that due to its smaller market valuation, JasmyCoin is susceptible to price manipulation, which investors should be aware of. While acknowledging the potential for further declines, the presenter suggests that those who can strategically accumulate JasmyCoin at lower prices during market downturns might benefit in the long run. However, he emphasizes that this strategy comes with high risk.
The YouTuber maintains a cautiously optimistic stance, noting that savvy investors who conduct thorough research and invest only what they can afford to lose might find good entry points during these price drops.
Read also: Here’s Why Bittensor (TAO) Could Overtake Ethereum (ETH) in Market Capitalization
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