Highlights:
- JASMY price prediction appears bullish; the asset is poised for 100% upside momentum.
- Traders are overleveraged at $0.018 on the lower side and $0.02126 on the upper side.
- JASMY whale transactions ranging between $1 Million to $10 Million have decreased by 100%.
Amid the shift in market sentiment, JasmyCoin (JASMY) appears bullish and has garnered significant attention from traders. According to the daily chart, recent days have been favorable for JASMY, as it has registered a price surge of 35% and is now poised to continue its upward momentum.
Shift in Sentiment & Current Price Momentum
At press time, JASMY coin was trading near $0.2067 and had recorded a price surge of over 10% in the past 24 hours. During the same period, participation from traders and investors skyrocketed. Data shows that JASMY’s trading volume surged by 40% compared to previous days.
This surge in trading volume, along with the price increase, indicates strong bullish momentum supported by traders and investors.
JASMY Price Action & Upcoming Levels
According to expert technical analysis, the JASMY price prediction suggests that the coming days could be bullish, and the asset may reach a new local high.
As per the daily chart, JASMY recently broke out of two bullish price action patterns, including a descending trendline and an inverted head and shoulders pattern, and has successfully retested them.
Based on recent price action, if market sentiment remains unchanged and the asset holds above the breakout/retest level at $0.016, the JASMY price prediction will remain bullish, and the coin may see a 100% surge, potentially reaching the $0.0425 level.
However, the chart revealed that JASMY will face multiple hurdles during its upward rally, with key resistance levels at $0.025 and $0.033.
On the other hand, if sentiment shifts and the price falls below the $0.016 level, the bullish JASMY price prediction will be invalidated, and the price may experience a sharp decline.
As of now, despite the continuous upward momentum, JASMY’s Relative Strength Index (RSI) remains below 65, indicating that the asset still has room to move into the overbought zone. This suggests that JASMY has enough space to continue its upward momentum.
Whale Activity Drops by 100%, Correction Ahead?
Despite the positive price action suggesting that JASMY could soar in the coming days, whale transactions have dropped significantly, as reported by the on-chain analytics tool IntoTheBlock.
Data shows that whale transactions ranging between $100k to $1 Million and $1 Million to $10 Million have decreased by 95.65% and 100%, respectively.
This drop in whale transactions signals mixed messages to crypto enthusiasts, such as a lack of conviction in the potential upside momentum and a potential upside trap. Or, the possibility that this ongoing rally is primarily driven by retail investors, which may be weaker and carry the risk of a sharp pullback.
As the price soars, exchanges across the crypto landscape have recorded $1.02 Million worth of JASMY inflow over the past 24 hours. Such inflows during an upward momentum indicate potential selling by investors and long-term holders, which could create selling pressure and lead to further downside momentum. However, this is less likely to happen.
On the other hand, traders have been found overleveraged at $0.018 on the lower side (support) and $0.02126 on the upper side (resistance), with $2.20 Million worth of long positions and $260k worth of short positions.
These positions were built over the past seven days during the rally, indicating a bullish sentiment toward the asset. Traders have been dominating the asset, and it seems likely they are pushing JASMY’s price toward a new local high in the coming days.