Is JASMY Still a Good Buy?

The Jasmy Coin price has not been spared by the recent sell-off in cryptocurrencies, stocks, and bonds. The small-cap coin has dropped to $0.013, which was the lowest level since March 15th this year. The coin has also plummeted by more than 95% from its all-time high. Other IoT tokens like IOTA, IOTX, and VeChain have also nosedived.

Jasmy Coin is a relatively small but fast-growing blockchain project that was created by senior officials at Sony, the entertainment company. It is a data management platform that seeks to become a leading player in privacy solutions. The goal is to help companies manage data well. Also, it helps to ensure that individuals are able to safeguard their data.

The Jasmy Coin price has declined sharply in the past few weeks as investors react to the rising interest rates and the fact that inflation is still significantly higher. Most notably, a quick look at on-chain data shows that volume has declined significantly in the past few days. This could be a sign that previous holders have started exiting their positions. 

Jasmy Coin price prediction

On the 1D chart, we see that the JASMY price dropped to an all-time low of $0.010 in March this year. It then attempted to crawl back and it then moved to a high of $0.050 as it got listed in key exchanges like Binance. At the same time, the coin has formed a descending triangle pattern that is shown in green. In price action analysis, this pattern is usually a bearish sign. 

The Jasmy Coin price has moved below the 50-day moving average while the Woodies CCI has moved below the neutral level. Therefore, the outlook of the coin is bearish, with the next key support level being at $0.010. The bearish view will be invalidated when the coin manages to move above the descending trendline.


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