JASMY’s Price Drop Raises Questions About Its Future
The JASMY cryptocurrency has recorded one of the steepest declines in the market over the past 24 hours, losing 14% of its value after gaining 22% last month. This sudden drop raises questions about the direction the price might take in the short term.
JASMY’s recent decline coincided with its arrival at a major resistance zone at $0.02000. This area had previously acted as a significant barrier, triggering pullbacks. Despite a recent rise, the resistance still appears solid.
However, technical indicators show that JASMY has now reached a potential support zone around $0.01614. This level could serve as a springboard for a rebound if demand materializes there. It corresponds to both the 20-day and 100-day moving averages as well as a demand zone according to the VWAP.
Nevertheless, a loss of this level could bring JASMY back to the $0.015 zone. It will be essential to reclaim the POC at 0.01687 and the 200-day MA at $0.0177 to resume an upward trend.
Bearish Momentum Persists
Market data indicates that bearish momentum continues. According to CoinGlass, the Taker Buy/Sell ratio is below 1, signaling that the majority of derivatives volume is generated by sellers.
Moreover, long liquidations on major exchanges totaled $224,240 over the past 24 hours, compared to just $8,310 for short positions. This disparity confirms the dominance of sellers in the market.
Signs of Accumulation, but Risk Remains High
The Accumulation/Distribution (A/D) indicator supports the bearish trend, remaining in negative territory. However, there are early signs of a potential shift, with a slight increase in the A/D and the Chaikin Money Flow (CMF).
This suggests that some accumulation is taking place around the $0.01614 support. If it holds, this could lead to a positive short-term reaction. JASMY’s price could reach the liquidity zone at approximately $0.025 in the coming weeks.
Nevertheless, risk remains high for spot buyers, given the persistent bearish momentum in the derivatives market.
How to Buy JASMY on Bitget ?
Panic phases can present buying opportunities. Additionally, JASMY is resting on an interesting support level. However, it may be more prudent to wait for confirmation before entering the market.
For those wishing to purchase the token, here’s a guide to obtaining it on Bitget right now :
- Create a Bitget account : Visit the official Bitget website or download the mobile app. Sign up with your email or phone number, then complete the identity verification (KYC).
- Deposit funds : Log in and access the “Deposit” section. Add fiat currencies (EUR, USD, etc.) via bank card or SEPA transfer, or transfer cryptocurrencies like USDT.
- Buy JASMY : Head to the “Quick Buy” or “Spot Market” section. Select the JASMY/USDT pair, indicate the desired amount, and confirm the purchase, with the option of limit orders.
