The price of Jasmine was rapidly overturned as a spirit in the Cryptocurrency industry following the Federal Reserve’s decision of interest rate.
A popular mid-cap digital asset, Jasmine (Jasmi), rose 25% on Thursday, which reached a high level of $ 0.0320, marking its highest level since January 9.
It was involved in posting other mid-cap cryptocurrency such as Fartcoin, SPX6900, Raydium, Mantra, and LiteCoin double-design. The broad stock market was also in green, with S&P 500 and Nasdaq 100 continued their recovery.
The rally came a day after the Federal Reserve announced the decision of the first interest rate of the year. The Central Bank unchanged the rates and maintained its Hawkish Outlook, now expected to cut the next rate in July with economists.
Jasmine’s boom also coincides with an increase in open interest. According to Coinglass, open interest climbed to $ 53 million, its highest level since 15 January. Increasing open interest has generally increased demand.
Additionally, there are indications that more JasmyCoin token are leaving the exchange, suggesting accumulation by investors. The number of tokens held on exchanges fell to 16.45 billion, below 1% a week ago. The chart below reflects Jasmine’s outflow from centralized exchanges in the last seven days.
Detective price analysis
The daily chart shows that Jasmine climbed a high of $ 0.0588 in November last year as most alternative cryptocurrency rally. It experienced a sharp pullback, which reached a low of $ 0.023 during the ongoing Ultcoin cell-off.
The price received 61.8% of the Fibonacci Retress at $ 0.0150 at the retracement level, a significant area where there are several rapid upsurge.
Jasmine has also formed a falling wedge pattern, which has been converted to two downward-sloping and trendline. These trendlines are now with the convergence, indicating that a rapid breakout may be adjacent.
If this breakout occurs, the next major resistance level will be $ 0.0445, which will align with the upper range and handle pattern of the cup. This target represents a potential 50% increase from current value. Another rally may push the 2024 high level of $ 0.0588 as a 96% profit from its current level.
However, Jasmine’s rapid outlook will be reeked. If the price falls below the major support level of $ 0.0231, its lowest point since January.
