- JasmyCoin price has slipped below the 20-day EMA, showing weakness.
- JASMY crypto price has lost around 25% in the past 3 days.
In a broader time frame, the Jasmy crypto price has been bullish, but sellers dominate in the short term. The price has gained more than 500% till May but has declined by 30% this month. The bullish trend interrupted at the $0.0450 mark, and sellers took over the charge.
After facing resistance from the $0.0450 mark, the digital asset price dropped to the 20-day EMA in a few days. It took support on the 20-day EMA and rose by 13% within 24 hours but failed to continue.
Turning to the technical indicators, the JasmyCoin price has slipped below the 20-day EMA and is heading for the 200-day EMA. MACD and RSI have generated a bearish crossover with the Signal line and the RSI-based moving average, respectively. Overall, the technical indicators are in favor of a negative forecast.
Bounce Back From $0.0240 Expected?
$JASMY has broken past a crucial support and as mentioned earlier should now head towards 0.027$ and 0.024$
— Team LAMBO (@TehLamboX) June 20, 2024
Telegram: https://t.co/71apcaZ06R
I will now only be bullish above 0.032$ and that too it should break with a good volume and on closing basis on day chart!
Bearish… https://t.co/Y8fkFOZsxo pic.twitter.com/G3Y7WhmFTU
A user on X displays that the JasmyCoin price has dropped below the crucial level of $0.0250 and is expected to melt to the $0.0270 and $0.0240 levels. The price is expected to bounce back from the $0.0240 level. This source suggests that the trend may flip to the bullish over the $0.0320 mark.
The pullback from the 20-day EMA has Failed; Will JASMY Price Decline More?
At press time, the Jasmy crypto price traded at $0.030, up by 1.50% in the past 24 hours. The market capitalization is $1.50 Billion, and the 24-hour trading volume is $157.94 Million.
Based on the chart structure, the JASMY price triggered a pullback by taking support on the 20-day EMA. However, it could not hold and showed weakness, which resulted in a bearish momentum of 25% in 3 days.
Currently, the digital asset price is heading toward the crucial level of $0.0250, and sellers seem to be strong. If the price defends the $0.0250 and bounces back, buyers may become interested, and the price may extend to the 20-day EMA.
Alternatively, if the price starts trading below the crucial level of $0.0250, the price may melt to the 200-day EMA. As per the chart, the $0.0200 hurdle is a strong consolidation zone, and the price may show momentum in this zone.
Conclusion
According to the technical analysis and market sentiment, the short-term outlook for JASMY crypto appears bearish. The price has slipped below key support levels, and technical indicators suggest a negative forecast. However, there is a potential for a bounce back from the $0.0240 level. If the price defends the $0.0250 level, there may be a chance for a bullish reversal.
Technical Levels
The JasmyCoin price might take support at the $0.0250 and $0.0150 levels. It is expected to face resistance from the $0.0380 and $0.0450 mark.
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
Dr. Naveen Singh is an entrepreneur with achievements in sports, academics, healthcare, innovation, blockchain technology, telecommunications, and philanthropy. He is the Co-Founder and Chief Executive Officer (CEO) of Inery, the first layer-1 blockchain programmed for database management. With Inery, he aligns with his vision of a new paradigm for data to empower web3 and complete decentralization.