JasmyCoin Jumps 10% Amid Bullish Derivatives Bets
Key Takeaways
JasmyCoin (JASMY) has seen a significant price increase of over 10% in the last 24 hours. This surge has been supported by increased buying activity in the derivatives market. However, large investors are exerting selling pressure by transferring their holdings to crypto exchanges, which could hinder further rallies.
Large Investors Slow the Uptrend
Despite the positive price movement, large investors continue to sell JASMY. According to data on net inflows from major holders, approximately 16.19 million JASMY were transferred to exchanges in the last 24 hours. This indicates an increased willingness to sell.
Additionally, JASMY is facing resistance in a significant supply zone. The “In/Out of the Money Around Price” (IOMAP) analysis shows a high concentration of sell orders between $0.0215 and $0.0253. In this range, 8,350 addresses have placed a total of 11.13 billion JASMY for sale.
Key Support and Resistance Levels
Following the recent price surge, JASMY encountered resistance that aligns with the IOMAP zone. If the price declines further, the next support level is at $0.01790. A higher low could form at this level before another rise towards $0.02735.
However, if the price falls below $0.01790 and reaches $0.01612, this would confirm a downtrend, making a further decline likely.
Derivatives Traders Remain Optimistic
Despite the selling pressure from large investors, the derivatives market continues to show a bullish trend. Open interest – the number of open contracts – has increased by 11% in the last 24 hours to $25.85 million.
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An increase in open interest alongside higher buying volume suggests that new positions are predominantly being opened by buyers. If this bullish sentiment persists, the current decline may only be a correction before JASMY rises again.
Our Assessment
JASMY is at a critical juncture. While derivatives traders remain optimistic, selling pressure from large investors could prevent a sustained upward movement. The key factor will be whether the support level at $0.01790 holds. If it does, JASMY could rise again in the medium term. Otherwise, a continuation of the downtrend is likely.
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