Home Altcoins News JasmyCoin Price Struggles to Reclaim Key Levels Amid New Crossover Signals

JasmyCoin Price Struggles to Reclaim Key Levels Amid New Crossover Signals

Jasmycoin price

The price of JasmyCoin (JASMY) has faced significant challenges in recent weeks, struggling to regain its momentum following a decline in mid-January. After dropping to a new lower low on January 15, the altcoin’s market structure remains bearish, prompting some traders to question whether a potential recovery is on the horizon.

Despite some signs of accumulation in the past month, JASMY continues to face pressure, with volume remaining subdued and recent price action showing signs of weakness.

Recent Price Action and Market Structure

JasmyCoin’s recent price action has reflected a continued downtrend. At the start of the year, JASMY seemed to stabilize, forming a range between $0.032 and $0.04. However, Bitcoin’s sharp drop to $92,000 in early January had a significant impact on the altcoin market, pushing JASMY below its key support level at $0.032.

While the token saw a brief rally from $0.03 last week, it is still struggling to maintain upward momentum. The recent price movement has produced a bearish market structure, further confirmed by a crossover of the 20-day and 50-day moving averages (DMAs), which signals weakening momentum. Traders are now keeping a close eye on whether the altcoin can reverse this bearish trend or if further losses are imminent.

Key Support and Resistance Levels for JASMY

The daily chart for JasmyCoin shows that the price has been bouncing between key levels since late December. Despite the recent price drop, the coin remains within a broader range that still offers the potential for a recovery.

JASMY bulls are eyeing the $0.032 support zone, hoping it will act as a floor to prevent further declines. On the upside, the price needs to break through resistance levels around $0.04 to gain traction and secure a sustained rally. Traders are now focused on whether these key levels hold, as they could determine the direction for the altcoin in the coming weeks.

Volume and Open Interest Trends

While JasmyCoin’s price has experienced some relief with a brief rally, the accompanying trading volume remains an area of concern. Trading volume has been muted since mid-December, indicating a lack of strong buying interest. However, the slight uptick in volume during last week’s rally offers some hope for a potential shift in momentum.

Despite this, the market’s open interest has seen only a modest increase of 3.4% over the past 48 hours, suggesting that speculative traders are not showing much enthusiasm for JASMY at the moment. The lack of significant bidding could point to continued weakness in the altcoin’s market, though the funding rate remains positive, and the Spot Cumulative Volume Delta (CVD) has shown some positive movement.

Bearish Sentiment Persists

Although JasmyCoin’s price has gained around 12% over the past 48 hours, there are still concerns about the overall market sentiment. The bearish crossover of the 20-day and 50-day moving averages signals that the trend may remain negative unless there’s a significant shift in market behavior.

Moreover, while there are small bullish signs, such as rising buying pressure in the Accumulation/Distribution (A/D) indicator, they are not sufficient to offset the broader bearish momentum. Investors are advised to monitor JASMY’s movement closely as it navigates these key levels and looks for a potential breakout.

Conclusion

JasmyCoin (JASMY) faces a challenging market environment as it struggles to reclaim important support levels. The bearish market structure, highlighted by the crossover of the moving averages and muted volume, suggests that the altcoin may face more difficulty in sustaining its rally. However, traders remain hopeful for a recovery if key support zones hold and trading volume picks up.

As JASMY continues to struggle, it’s crucial for investors to stay informed about the broader market sentiment and potential shifts in momentum. For now, the altcoin appears to be at a critical juncture, and its price action over the next few weeks will determine whether a recovery is on the cards or further declines are likely.

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dan saada

Dan hold a master of finance from the ISEG (France) , Dan is also a Fan of cryptocurrencies and mining. Send a tip to: 0x4C6D67705aF449f0C0102D4C7C693ad4A64926e9

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