JasmyCoin Drops 7% After Rally, Support at $0.013
Key Takeaways
- JasmyCoin (JASMY) dropped by 7% after a 23.76% increase the previous week.
- Token reserves on exchanges continue to decline – an indication of increasing reluctance to sell.
- Technical indicators suggest a possible short-term correction but also point to long-term upside potential.
- The Money Flow Index (MFI) and Relative Strength Index (RSI) are showing mixed signals.
JASMY Under Pressure After Rally – What’s Behind It?
Following a significant price increase of nearly 24% in one week, JasmyCoin (JASMY) saw a drop of over 7% on April 18. This made the token one of the biggest losers of the day. At the same time, trading volume declined by around 27% to just under USD 61 million. Such declines often indicate short-term profit-taking and the exit of weaker market participants.
Declining Exchange Reserves – A Bullish Signal?
An interesting aspect: the amount of JASMY on central crypto exchanges has dropped to 10.6 billion tokens, according to data from CryptoQuant. This means that more and more investors are withdrawing their coins from exchanges – a typical behaviour of long-term holders. This trend can lead to a so-called “supply squeeze”: supply decreases while demand potentially increases, which can drive prices higher in the medium term.
Technical Analysis: Fibonacci Level in Focus
A look at the technical charts shows that JASMY is currently trending toward an important support level at USD 0.01304. This level corresponds to a 50% retracement based on the Fibonacci analysis – a zone where prices often bounce back up. If this area holds, a new upward movement could begin.
However, there are also resistance levels: in particular, large volumes of JASMY have been traded around USD 0.019 in the past. Sell orders may be placed there again, potentially slowing any upward movement.
Liquidity Flows and Indicators: More Room to Grow?
The Money Flow Index (MFI), which measures capital inflow into an asset, is currently at 75.30. This indicates a continued healthy flow of liquidity. Only values above 80 would be cause for caution – at that point the market could be at risk of overheating.
The Relative Strength Index (RSI) sits at 52.53 – a neutral to slightly positive value. While the RSI is currently showing a slight downward trend, a pullback to the Fibonacci level could push the indicator back upward.
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Our Assessment
The short-term decline in JASMY following a strong rally is not unusual. Profit-taking and declining trading volume suggest a consolidation phase. At the same time, several factors – such as falling exchange reserves, stable liquidity inflows, and technical support zones – point to a potential continuation of the upward trend.
If you are invested in JASMY or considering an entry, keep a close eye on the USD 0.01304 level. If this level holds, it could present a new buying opportunity. Long-term investors appear to remain confident in the coin.
Sources
- CryptoQuant
- TradingView
- IntoTheBlock
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