Over the last 24 hours, JasmyCoin (JASMY) has experienced a significant price surge of 26%, with trading volume soaring to $525.23 million, marking a 440% increase. At the time of writing, the coin was valued at $0.034.
As per an analysis by CryptoCrypto, there is still room for further growth in the market, although certain barriers might impede JASMY’s potential upward trend.
Can the Current Upward Momentum Persist?
JASMY recently broke out of a descending channel characterized by lower highs and lows with distinct support and resistance levels. Such breakouts usually signal an impending rally.
This channel had been taking shape since December 4, 2024, indicating potential accumulation of JASMY at lower price levels.
Presently, the coin is in the process of retesting the resistance level within this channel. If it manages to transform this level into a support zone, JASMY could surge by 84.79% to $0.059, a level last seen on December 5, 2024.
Despite the prevailing bullish sentiment, JASMY might face challenges as certain groups are offloading their holdings.
Possibility of Selling Pressure Affecting JASMY’s Growth
JASMY observed profit-taking activities on a weekly basis for the first time since September 2024, with assets worth $1.89 million being sold. This was identified through JASMY’s Exchange Netflow on Coinglass, which transitioned to positive in the previous week.
A positive Netflow signifies that traders are selling off assets, while a negative Netflow indicates a bullish sentiment in the market.
The Funding Rate, which gauges the premium paid to sustain positions and minimize the gap between Spot and Futures prices, indicates dominance by short traders.
With a Funding Rate of -0.0110%, it suggests a potential price decline due to substantial funding for short contracts, showcasing the confidence of these traders operating on short positions.
These adverse metrics have contributed to the delay in JASMY’s continued bullish run and signify likely ongoing challenges.
Positive Signals from Indicators
Despite the setbacks, positive indicators imply that the current hurdles JASMY faces might only be temporary.
The Moving Average Convergence Divergence (MACD), an indicator of trend reversals, has bolstered the bullish trend, forming a golden cross pattern where the short-term moving average (blue line) crosses over the long-term average (orange line).
This pattern confirms a robust upward trajectory, hinting at the potential for JASMY to surge further.
The Relative Strength Index (RSI), used to measure changes in price momentum, has entered the bullish territory above 50. With the current reading at 55.05 and showing an upward trend, it indicates further possibilities for growth.
On the whole, JASMY maintains a bullish outlook, with indicators and chart patterns suggesting that selling pressure might alleviate in the near future.