Jasmycoin’s Dramatic Plunge: Will It Ever Rise Again? 😂

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  • Ah, Jasmycoin, that fickle creature, has plummeted by a staggering 18% in just three days, solidifying its bearish demeanor.
  • Keep your eyes peeled on the $0.0125 level, for it may be the next sanctuary for weary traders.

In a tragic tale of woe, Jasmycoin [JASMY] has lost a heart-wrenching 56% since the dawn of February. The sellers, those merciless marauders, have taken the reins. The valiant defense of the $0.01713 level stood for a mere seven days before the bears, with their triumphant roars, claimed victory on the 4th of March.

Since that fateful day, Jasmycoin has returned to the scene of its former glory, now a resistance level, like a ghost haunting its own grave.

Alas, most altcoins seem to bleed against the mighty Bitcoin [BTC] over time. The JASMY/BTC pair has been on a downward spiral since mid-December, already below its November lows. And as for JASMY/USD? It’s also on a fast track to nowhere.

JASMY tumbles nearly 20% after losing its precious support level

The RSI, that stubborn little indicator, has remained below the neutral 50 level since mid-December, a testament to the bearish momentum that refuses to relent.

Each descent in price has been accompanied by a retest of previous high-time-frame supports, such as $0.038 and $0.032 (marked in white boxes, for your viewing pleasure).

The $0.0244 and $0.0171 levels have now transformed from support to resistance, like a once-loyal friend turned foe. The CMF, sitting at a paltry +0.02, indicates a lack of significant capital fleeing the market—how comforting! 😅

Yet, this scant glimmer of hope offers little solace to the beleaguered JASMY bulls, who find themselves in the midst of an overwhelming downtrend.

The next support levels, if one can call them that, are at $0.0125 and $0.00083. The former was a beacon of hope in June-July 2022, and again in February 2024. Perhaps this descent will pause here, but traders are advised to keep their bearish hats firmly in place.

The Open Interest has also been on a downward trajectory since early February, a steady decline in speculative interest that screams bearish sentiment.

The 2-week liquidation heatmap reveals that the liquidity cluster at $0.015 was no match for the relentless bears. Instead, the selling pressure has driven prices down with alarming speed.

The absence of bidding and the unyielding selling pressure highlight the grim likelihood of further losses in the days to come. How delightful! 😏

Longer-term heatmaps, such as the 1-month and 3-month, indicate that the $0.02 and $0.025 levels are the strongest magnetic zones above the current price. But alas, it seems unlikely that Jasmycoin will find its way to these liquidity pools anytime soon. Traders have little reason to go long, unless they fancy themselves scalpers, using the downtrend as an opportunity to sell.

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2025-03-11 00:10