JasmyCoin [JASMY] observed a decline of 18.66% in its valuation compared to its opening price over a month ago. The token experienced a consistent downward trend that seemed to pause in December, yet it continued its descent. Despite this, there were indications of accumulation.
Examining the price action scenarios highlighted two pivotal thresholds for JASMY. Despite the setback endured a week prior, supporters of JasmyCoin may have the capability to initiate a recovery.
Significance of Boundary Extremes for JasmyCoin
Analyzing the daily chart, JASMY exhibited a bearish market structure. During December and the start of January, the price movement demonstrated a range pattern hovering roughly between $0.032 and $0.04. However, Bitcoin’s [BTC] decline to $92k in the second week of January led JASMY below the $0.032 support area.
Consequently, the price seemed to establish a fresh lower peak in the prior couple of days, though this has yet to be confirmed. Trading volume had dwindled since the latter part of December, with the recent rise from $0.03 experiencing a marginal surge in trade volume.
If this escalation in volume continues, it could potentially trigger a reversal in momentum for JasmyCoin. Presently, the momentum appears to be bearish, evident by the bearish crossover of the 20 and 50-day moving averages. Conversely, the A/D indicator has exhibited a gradual increase, indicative of heightened buying pressure.
Concerns Arise Over Short-Term Lack of Competitive Bidding
In the past 48 hours, JasmyCoin’s value surged by nearly 12%, whereas Open Interest only rose by 3.4%. The tepid response within the speculative market represents a mildly bearish development.
Furthermore, the funding rate remained in the positive territory, with the spot CVD climbing over the last 24 hours. While these serve as minor bullish indications, they fail to overshadow the absence of competitive bidding in speculative trading.
Disclaimer: The views expressed herein are merely of the author’s opinion and do not constitute financial, investment, trading, or any other form of advice.