In a week marked by downturns across the cryptocurrency market, JasmyCoin, like other cryptocurrencies, has experienced its fair share of setbacks. In the last 24 hours, JAMSY is down by 3.16%, and when going to press, it was trading at $0.01782. However, amidst the prevailing bearish sentiment, a glimmer of hope emerges for JasmyCoin, fueled by developments in its home market of Japan.
BOJ Potential Moves Could Benefit Crypto
As one of the most popular cryptocurrencies in Japan, JasmyCoin stands to benefit from the country’s economic landscape, which is currently witnessing the rapid depreciation of the Japanese Yen against the dollar. Yesterday, the Japanese Yen plummeted by 1.3% to a 34-year low against the dollar, triggering speculation about potential interventions by the Bank of Japan (BOJ).
Analysts anticipate that any moves made by the BOJ could have positive implications for cryptocurrencies, including JasmyCoin. One potential scenario involves the injection of liquidity into the market by the United States, a move that could drive funds toward risky assets like cryptocurrencies. Alternatively, the BOJ might opt to aggressively sell the dollar to bolster the Yen, potentially leading to a weaker dollar and enticing investors towards cryptocurrencies as an alternative investment.
JasmyCoin’s Intrinsic Value Is Strong
The significance of these developments for JasmyCoin cannot be overstated. As one of the leading cryptocurrencies in Japan, JasmyCoin is poised to emerge as a primary beneficiary of any measures taken to support the YEN. However, JasmyCoin’s appeal extends beyond speculation. It is also renowned for its prominence in the Internet of Things (IoT) and Artificial Intelligence.
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With IoT projected to become a multi-trillion-dollar industry in the coming years, JasmyCoin’s current valuation appears significantly undervalued. This intrinsic value, coupled with the potential for market-wide rallies, positions JasmyCoin for substantial growth soon.
Hong Kong BTC Futures a Pivotal Factor
Furthermore, the impending launch of Bitcoin and Ethereum ETFs in Hong Kong on April 30 presents another catalyst for JasmyCoin’s upward trajectory. The anticipated influx of capital from China, encompassing retail and institutional investors, could ignite a broader market rally, propelling undervalued altcoins like JasmyCoin to unprecedented heights.
While JasmyCoin may have weathered a turbulent week, prospects for a bullish turnaround are on the horizon. Fueled by developments in Japan’s economic landscape and broader market trends, JasmyCoin stands poised for a rebound to new highs.
In the section below, we make a JASMY price prediction to determine how it could trade in the coming days.
JasmyCoin Cryptocurrency Price Prediction
At the time of going to press, JasmyCoin was trading at $0.0172, down by 3.16%. Trading volumes had also dropped by 27.18% to $37.72 million.
While short-term charts for JasmyCoin indicate bearish momentum, a broader view reveals consolidation following a previous rally in January and February. The weekly chart unveils JasmyCoin’s consolidation phase by filtering out noise from shorter time frames. If Bank of Japan-triggered movements ignite a rally, attention should be directed toward the critical $0.0217 resistance level. A successful breach of this level by bulls could propel JasmyCoin towards multi-month highs of $0.027.
Conversely, sustained low volumes may prolong consolidation between the $0.0217 resistance and $0.0165 support levels. However, JasmyCoin could plummet to the significant multi-month support level at $0.009 if bears dominate.
Traders should keep an eye on $0.0217 resistance and $0.065 support. A breakout through any of these two critical levels could dictate JasmyCoin’s price trajectory in the coming days and weeks. Otherwise, JasmyCoin is likely to continue consolidating until such a time when Bitcoin uplifts the entire market in an all-out bull rally.
Which Way For JasmyCoin?
Any of the above scenarios could play out in the short term. However, the odds are higher that a bullish breakout could be imminent for JasmyCoin. One possible trigger to such a move will be a move by Japan to sell the dollar, which would make cryptocurrencies more attractive than holding the dollar. Then there is the fact that, despite its sluggish performance for the past week, Bitcoin could be headed for a breakout.
A key trigger could be the upcoming Hong Kong ETFs, which will start trading on April 30. A Bitcoin breakout could see JasmyCoin and other altcoins enter a new bull rally that could run to 2025.