JasmyCoin Drops 39% Monthly Amid Geopolitical Tensions

JasmyCoin (JASMY) has experienced a significant decline in value over the past week, with a 12% drop pushing its monthly decline to 39%. This downturn is part of a broader market trend affected by escalating geopolitical tensions between Israel and Iran, further complicated by the involvement of the United States. Ethereum (ETH), a leading cryptocurrency, has also seen a substantial decrease, falling from a monthly high of $2,877 to $2,290.

Despite the overall bearish sentiment, a closer examination of JASMY’s price chart reveals a potential reversal pattern. The current price action aligns with the Elliott Wave Theory, which suggests that the cryptocurrency may be nearing the end of its corrective phase. From early April, JASMY formed a five-wave impulsive structure, peaking at Wave 5 near $0.022. The subsequent correction has unfolded in a clear A-B-C structure, with Wave C appearing to be in its final stages, currently hovering near $0.0114.

If the price holds at this level and marks the bottom of Wave C, it could signal the end of the corrective phase, paving the way for a fresh impulsive wave to the upside. However, there is no confirmed sign yet that Wave C has completed. The price action remains tilted downward, but the proximity to support levels and the completion of the wave structure suggest that a bottom may be close.

To confirm a potential reversal, traders should monitor key signals such as a clean breakout above the 50-period moving average on the 4-hour chart, which has consistently acted as dynamic resistance. If an impulsive recovery wave begins from here, the first logical upside target would be the $0.0159–$0.0162 zone, a previous support now acting as resistance.

JasmyCoin’s current Elliott Wave structure hints that the worst of the correction might be nearly over. However, given the broader crypto market’s macroeconomic and geopolitical stress, caution is advised. Traders should look for confirmation before entering any trades and let the price action tell the story. It is important to note that this analysis is for informational purposes only and does not constitute financial advice. Always conduct thorough research before investing in any asset, including cryptocurrencies.