JasmyCoin price held steady on Thursday as the crypto bull run resumed. The $JASMY token surged to a high of $0.0065, a few points below this month’s high of $0.0067. It has soared by more than 115% from its lowest point this year.
Why is Jasmy token rising?Jasmy and other altcoins continued their strong recovery as investors remained upbeat about the crypto industry. There are three key reasons why Bitcoin and other altcoins are getting supercharged.
First, hopes of a spot Bitcoin ETF emerged this week as the Securities and Exchange Commission (SEC) met with Blackrock and Nasdaq for the second time. This was an important meeting because Blackrock is one of the most prominent names that has submitted a proposal while Nasdaq is the second-biggest exchange in the world.
Second, Jasmy is rising because of the so-called Santa Claus rally. In most years, cryptocurrencies and other assets tend to rally ahead of Christmas. Further, there is rising probability that central banks will start cutting rates in 2024.
Most developed countries have seen their inflation rate dropped sharply recently. In the UK, the headline Consumer Price Index (CPI) crashed below 4% in November and there is a likelihood the trend will continue. In Europe, the CPI is nearing 2% while in the US, it stands at about 3.1%.
Therefore, economists believe that these banks will deliver several cuts in 2024 in a major reversal from what happened in the past two years. The Fed has pointed to three rate cuts in 2024, equivalent to 75 basis points.
All these factors matter for Jasmy because of its close correlation with Bitcoin. In most cases, Jasmy and other altcoins tend to rise when Bitcoin is rising and vice versa. For example, it tumbled to $0.0027 in December last year as BTC crashed below $16,000.
Jasmy price forecast
The daily chart shows that the JASMY token price has been in a strong uptrend in the past few months. As it rose, the 25-day and 50-day moving averages made a bullish crossover in October, which is a bullish sign.
Most recently, Jasmy has found resistance at $0.0066, where it has struggled to move above. Similarly, Bitcoin has struggled to blast above the YTD high of near $45,000. Therefore, I suspect that the Jasmy token price will continue rising as buyers target the key resistance at $0.0080, the highest swing on May 5th, which is 26% above the current level.
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