JasmyCoin (JASMY), a prominent player in the cryptocurrency market, recently experienced a notable rise in its price, gaining over 10% within a 24-hour span. However, despite this promising upward momentum, a combination of sell-offs by large investors and looming resistance levels has created significant concerns for those holding or looking to invest in the digital asset. This has raised questions about the sustainability of JASMY’s bullish trend.

Whale Sell-Offs Add Downward Pressure

One of the main factors contributing to the potential stall in JASMY’s uptrend is the activity of large investors, often referred to as “whales.” These market participants, who hold substantial amounts of JASMY, have been actively selling their holdings in recent days, which has created bearish pressure on the market. According to netflow data tracking large holders, a total of 16.19 million JASMY was sold over the past 24 hours, further weighing down the coin’s price.

The behavior of these whales is significant because it suggests a lack of confidence in the current price levels or an attempt to lock in profits before any potential downturn. The fact that large amounts of JASMY are being transferred from wallets back to exchanges indicates that these investors may be preparing for further declines in the coin’s value.

Resistance Levels Pose a Challenge for Continued Growth

Alongside the sell-off activity, JASMY is also facing key resistance levels that have already started to impede its price growth. The coin recently entered a major supply zone, identified through the In/Out of the Money Around Price (IOMAP) indicator, which reveals areas where significant sell orders are clustered. The IOMAP data shows that between the price range of $0.0215 and $0.0253, there is substantial sell-side pressure from 8,350 addresses holding a total of 11.13 billion JASMY.

This level of concentrated selling presents a significant roadblock to JASMY’s efforts to maintain upward momentum, forcing the coin to retreat from its earlier gains. As a result, what appeared to be a promising rally has quickly reversed course, and the price of JASMY has experienced a downturn, raising doubts among traders and investors about the coin’s immediate future.

What’s Next for JASMY: Will the Bullish Trend Survive?

The question on many traders’ minds is whether JASMY can bounce back from this setback or if the bearish trend will dominate in the coming days. According to technical analysis, the coin is likely to experience a price pullback toward a support level at $0.01790. If JASMY holds above this level and forms a higher low, it could set the stage for a significant rebound, with potential price targets in the $0.02735 range.

However, if the coin breaks through this support and falls to levels as low as $0.01612, it could signal the end of its bullish hopes. Such a drop would likely confirm the continuation of a bearish trend, which would increase the likelihood of further declines in JASMY’s price, potentially extending its losses from the past month, which saw the coin lose 43% of its value.

Derivatives Market Shows Continued Optimism

Despite the challenges posed by the sell-off pressure and resistance levels, the derivatives market is showing continued optimism regarding JASMY’s prospects. Open Interest, which tracks the number of unsettled derivative contracts, has seen an increase of over 11% in the past 24 hours, reaching $25.85 million. This surge suggests that more contracts are being opened, with buying volume currently outpacing selling volume.

This trend in the derivatives market could signal that traders remain confident in JASMY’s future, with many placing long bets on the asset. The increase in Open Interest also suggests that there is still a significant amount of market activity surrounding the coin, and that bullish sentiment could remain in place despite the recent challenges.

Will JASMY Break Through Resistance or Face a Deeper Decline?

As the market continues to absorb the effects of whale sell-offs and resistance levels, JASMY’s next few days of trading will be crucial. If the coin manages to maintain its support at key levels, it could see another attempt at a bullish rally. However, if the sell-offs continue and the price fails to hold above support, JASMY could face a prolonged downturn, continuing the bearish trend it’s experienced over the past month.

For traders and investors, the current situation with JASMY is a critical juncture. The asset has shown strong potential for growth, but it is now at the mercy of large market participants and the broader dynamics of support and resistance levels. Whether or not JASMY can overcome these hurdles and sustain its uptrend will likely depend on how market sentiment evolves in the coming days.

Conclusion: Caution Ahead for JASMY Investors

While JASMY’s recent price surge was an encouraging sign for many, the coin’s future remains uncertain as large investors continue to sell off their holdings, and key resistance levels create significant challenges for further growth. The next few days will be pivotal in determining whether JASMY can regain its bullish momentum or if it will succumb to the downward pressure created by whales and broader market conditions. For those watching the coin closely, it’s a waiting game to see if JASMY can break through its current obstacles or if it will face further declines in value.