Jasmy Coin began a bearish moves

The price of Jasmy has significantly dropped this month, entering a bear market with a decline of over 30% from its peak. This downturn coincides with Bitcoin’s recent price movements. Bitcoin's value surged to $72,000 earlier this month but then fell by over 14%, influenced by ongoing ETF outflows and the German government selling large amounts of Bitcoin. Additionally, Bitcoin mining companies have been selling off their coins, leading to a slight increase in Bitcoin balances on exchanges.

The Federal Reserve's stance on interest rates, given persistent US inflation, contrasts with other central banks like the Bank of Canada, ECB, and SNB, which have begun cutting rates. This broader economic context has also affected Jasmy’s performance. Mentions of Jasmy on social media and its trading volume have declined, with the daily average of JASMY traded on exchanges dropping to less than $160 million recently, down from over $500 million earlier this month. Futures market activity has similarly decreased, with open interest falling from $82 million on June 5th to $40 million.

Technically, the sell-off began when JASMY formed a long-legged doji candlestick pattern on June 4th, a common indicator of a reversal in technical analysis. Currently, JASMY has developed a bearish pennant pattern, which typically leads to a further drop in price as it approaches the confluence point. Unless market conditions improve, the token is likely to decline further.

However, JasmyCoin has managed to stay above the 50-day moving average and the key support level of $0.02757, the high point in March. A further downside will be confirmed if the price falls below this critical level.