- JASMY seemed to have a bullish daily market structure on the charts
A range formation may be a possibility
As a seasoned analyst with over two decades of trading under my belt, I find myself intrigued by JasmyCoin [JASMY]. The bullish daily market structure it has displayed is indeed enticing, but there are factors that warrant caution.
JasmyCoin (JASMY) has increased by approximately 20.6% since hitting its lows on Monday, 23rd September. This shift in trend appears to be bullish for the day, but it’s currently encountering a significant resistance level. A potential pullback in Bitcoin (BTC) could potentially erase the gains made by JASMY.
Based on the technical signs, there appears to be a positive or optimistic trend for the cryptocurrency. Short-term feelings are generally hopeful about continuous growth, however, it’s important for position traders to exercise some prudence.
Volume worries for the bulls
For the recent few days, the trading volume bars have been noticeably higher than the average of the past two months, yet they remain relatively low in comparison to the surge seen in late May. The Money Flow Index stood at 76, indicating robust upward movement and buying interest, however, it considers only the most recent 14 days of trades.
Consequently, while the purchasing demand seems comparatively more prominent than in some instances, it’s not entirely higher during periods of a robust trend like those seen in February and May. This could be concerning because the price is nearing a significant resistance point at $0.0244, which has remained unbroken since early August.
According to Fibonacci levels, if JASMY successfully breaks out, $0.0265 and $0.03 could serve as significant resistance points. Yet, the moving averages indicate a long-term bearish trend, suggesting that a breakout is crucial for reversing the downtrend and potentially giving the bulls an advantage.
High spot demand to boost JasmyCoin
Over the past few days, but particularly in the last 48 hours, both the Open Interest and the spot Contract Value have been growing significantly starting from last Monday. Taken together, this surge suggests strong optimism among traders in both the current market and futures markets.
Read JasmyCoin’s [JASMY] Price Prediction 2024-25
In simpler terms, although the technical indicators and price movements suggest a positive trend, they also signal a need for caution among swing traders and investors. There’s a chance that the price might form a range with the peak at $0.0244, so it would be prudent to consider this possibility before finalizing your strategies.
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2024-09-28 14:15