For cryptocurrency investors, a new week is beginning, and we will see significant developments on the macroeconomic front. The PCE data coming on Friday will show where the Fed stands in the fight against inflation. The GDP data will indicate whether the Fed’s excessive tightening is failing to reduce inflation. Therefore, we will see exciting times.
What Will Happen to Cryptocurrencies?
BTC made a new attempt at $72,000, and the recovery did not take long after last month’s decline. The possibility of the ETH ETF listing leading to a sell-the-news event is making investors cautious. Additionally, ETHE could trigger an exodus of billions of dollars in ETH similar to the GBTC sales in January.
The GDP and PCE data will be two major developments that cryptocurrency investors will closely follow. If these come out poorly, there is a risk of a new wave of selling around $58,000. While BTC fluctuates around $63,000, the excessive selling of altcoins could lead to more dramatic outcomes if BTC selling continues.
JasmyCoin (JASMY) Price Prediction
JasmyCoin (JASMY) rebounded from the 50-day SMA ($0.03) on June 21, confirming demand at lower levels. The ability to attract buyers here is a positive development. The 20-day EMA is flattening while the RSI is in the neutral zone. This indicates that the price could return to $0.04 with a close above resistance. However, we will see how much BTC will allow this.
Especially with the expected exponential increase in volatility next week, the possibility of deeper dips in altcoins should not be ignored. Even with downward wicks, the potential for the price to fluctuate to levels not seen in months exists. Saylor bought BTC, Germany is selling BTC, and despite the U.S. easing crypto pressure ahead of the upcoming elections, investors’ risk appetite has weakened.
Turning to JASMY Coin, a close below the 50-day SMA could lead to a continued decline to $0.02. In the four-hour chart, there is potential for a short-term rally encountering resistance in the area between the 50-SMA and the downtrend line.
We might see the popular altcoin approaching one of the targets between $0.02 and $0.04 in the coming days.
