JasmyCoin (JASMY) saw a sharp 7% decline over the last 24 hours, drawing attention across the crypto market as it now hovers dangerously close to a key support level at $0.0124. This drop, part of a broader pattern within a descending channel, has left the altcoin at a crucial juncture. The big question now is whether bulls will defend this support—or if bears will seize control, dragging the price down another 15% or more.

At press time, JASMY was trading within a descending price channel, with the most recent rejection from resistance pushing it lower toward the channel’s bottom. The $0.0124 level currently serves as immediate support. A successful defense of this area could set the stage for a short-term bounce, or even a potential breakout from the broader downtrend.

However, if this support fails, the next downside targets become significantly more threatening. Based on chart patterns, a breach could push JASMY down to $0.0120, a quick 15% drop from current levels. Worse still, if bearish momentum intensifies, the price could fall even further, potentially testing $0.00822, which would mark a 27% decline from today’s value.

Technical Indicators Point to More Downside

Despite the possibility of a bullish reversal at support, technical indicators suggest that more downside could be in store. The Relative Strength Index (RSI) fell to 41.81, a level that places it within bearish territory. Traditionally, RSI values between 30 and 50 signal bearish control, reflecting waning buying pressure.

Adding to the concern is the Chaikin Money Flow (CMF) indicator, which tracks capital flow into and out of an asset based on trading volume. The CMF reading recently dropped to -0.06, indicating that selling activity is outweighing buying pressure. This aligns with the RSI’s bearish signal, together hinting at a market still tilted toward downward momentum.

So while the price is testing a key support, the technical backdrop isn’t yet supportive of a strong bounce. Without a shift in sentiment or volume, the bears appear to be holding the upper hand.

On-Chain Data Suggests Accumulation Is Underway

Interestingly, despite these bearish indicators, there are signs that some investors are quietly accumulating JASMY. According to data from CoinGlass, there was a positive exchange netflow of around $235,000 worth of JASMY moving from exchanges to private wallets over the last 24 hours. This movement typically indicates investors withdrawing tokens from trading platforms, suggesting a willingness to hold long-term rather than sell.

This accumulation could be a bullish signal, especially if more investors start buying at these levels in anticipation of a rebound. Such behavior often precedes short-term rallies when supply on exchanges becomes limited.

Further strengthening the bull case is the Open Interest Weighted Funding Rate, which recently turned positive at 0.0009%. This marks the first time in a while that long positions have regained dominance in the derivatives market. When funding rates rise into positive territory, it reflects an increase in trader confidence and demand for long positions.

What Happens Next? A Crucial Test for Bulls

In summary, JASMY sits at a make-or-break level. On one hand, technical indicators warn of more losses ahead, as bearish momentum and declining volume persist. On the other, on-chain and derivatives data hint at accumulating demand, with some investors positioning for a potential bounce.

If buyers are able to sustain momentum and defend the $0.0124 support, there’s a good chance the market could trap bearish traders in a short squeeze, setting the stage for a reversal rally. However, if this zone gives way under continued selling pressure, JASMY could tumble toward $0.0120 or even $0.00822.

Bottom line: The next 48–72 hours are critical. Traders and investors should watch for price reaction around the current support. If volume picks up and funding remains positive, a reversal could be underway. But without those catalysts, the path of least resistance remains down.