Key Insights:
- JasmyCoin (JASMY) has successfully broken out of a descending trendline and an inverted head-and-shoulders price action pattern.
- The daily chart reveals that the JASMY coin price could jump by 40% in the coming days.
- Despite the bullish price action, participation from whales and institutions has dropped notably.
Amid market uncertainty, JasmyCoin (JASMY), along with other cryptocurrencies, appears to be struggling despite breaking out from a prolonged resistance level. However, the current price action suggests that this consolidation phase may be a breakout retest or an accumulation phase before the JASMY coin price skyrockets.
JASMY Coin Price Momentum
At press time, JASMY was trading near $0.01675 and had recorded a price decline of 1.50% in the past 24 hours. During the same period, its trading volume dropped by 17.50%, indicating lower participation from traders and investors compared to the previous day.
This price decline, along with a drop in trading volume, signals weak selling pressure and a lack of strong conviction from sellers. Additionally, it also hints at indecision among sellers, which often occurs before a price reversal.
JASMY Price Action & Technical Analysis
According to expert technical analysis, the JASMY coin price appears bullish and seems to be retesting the breakout area.
Based on the daily chart, the asset has recently broken out of a prolonged descending trendline and a bullish inverted head-and-shoulders price action pattern on the daily timeframe and is now awaiting a price reversal.
JASMY Coin Price Prediction
The daily chart reveals that if the Jasmy coin price holds above the $0.0155 mark, it has a chance to soar 40%, potentially reaching the $0.0235 level in the coming days. However, this bullish outlook could fail only if Jasmy drops below the key support level of $0.0155.
As of now, the technical indicator Chaikin Money Flow (CMF), which measures the buying and selling pressure of an asset, currently stands at -0.20. A CMF value below 0 (negative) indicates strong selling pressure from traders, which might be the reason the asset continues to struggle despite showing bullish price action.
Whale Activity Drops, Will Price Tank Ahead?
Over time, due to the struggle in upward momentum, whale and institutional participation appear to be declining, as reported by the on-chain analytics firm IntoTheBlock.
Data reveals that whale transactions worth $100K to $1 million have dropped by 66.67%, indicating lower participation from large traders.
This decline in whale participation can significantly impact the asset’s momentum and may also lead to increased selling pressure.
$867K Worth of JASMY Outflow
Despite the decline in whale and institutional participation, some investors and traders are still accumulating and betting on the long side, as reported by the on-chain analytics firm Coinglass.
Data from spot inflow/outflow reveals that exchanges across the crypto landscape have witnessed an outflow of $867K worth of JASMY coins over the past 24 hours. Such outflow, in the current market context, appears to be potential accumulation, which could lead to buying pressure and a further upside rally.
Spot inflow/outflow is an on-chain metric that tracks the movement of assets from wallets to exchanges as inflows, and from exchanges to wallets as outflows.
$1.87 Million Worth of Bullish Bets
In addition to the potential accumulation by long-term holders, another on-chain metric reveals that traders are currently over-leveraged at $0.0158 on the lower side (support) and $0.01777 on the upper side (resistance).
They have built $1.87 million worth of long positions and $637K worth of short positions at these levels, indicating that traders’ bullish views are currently dominating the asset.
Apart from this, $0.0177 seems to be a strong resistance level. If the JASMY coin price crosses this level, we could see a massive rally in the asset’s price.