The cryptocurrency market has had a turbulent start to the year, with Ethereum (ETH) suffering its largest quarterly decline since 2018, dropping by 45%. This widespread correction has severely affected altcoins, with JasmyCoin (JASMY) among the hardest hit.
Steep Decline of JASMY and Crypto Market
JASMY has faced immense challenges in recent months, ranking among the top losers in the top 100 cryptocurrencies. The token has plummeted by a staggering 70% over the last 90 days, increasing investor concern about its future trajectory.
Chart Analysis and Bearish Pattern
According to the latest chart analysis by @Fresh_Fontana, JASMY appears to be forming a bearish 'Head and Shoulders' pattern. The left shoulder formed back in 2023, and the head is developing amid the ongoing sharp correction. JASMY price has dropped over 80% and is currently trading around $0.010. It could continue to decline to test support at $0.0050, which is still 51% lower than the current price.
Future Prospects and Potential Scenarios
While this analysis is based on speculative technical patterns, market structure suggests that JASMY is at a critical juncture. If the price holds at the critical support level, there may be a temporary recovery toward $0.0175. However, if JASMY faces rejection after forming the right shoulder, a retest of the support level could become inevitable, risking a breakdown below this point.
The coming weeks will be crucial for the future movement of JASMY. Investors are advised to closely monitor price dynamics at the critical support level and be prepared for potential volatility.
