Over the past 24 hours, Jasmycoin (JASMY) has faced mounting challenges, struggling to reclaim lost ground amid a bearish-dominated market. With sellers dictating the pace and crucial technical indicators reinforcing the downward bias, the token’s trajectory highlights significant resistance at pivotal levels. This analysis explores JASMY’s recent performance and its implications for traders.
Downward Bias Persisting
Jasmycoin’s price has exhibited a clear downward trend, with attempts to breach the $0.0325 resistance level repeatedly thwarted. The 20 EMA ($0.0319) has remained below the 50 EMA ($0.0325), reinforcing the bearish sentiment. The 100 EMA ($0.0337) and 200 EMA ($0.0347) further underscore the uphill battle facing the bulls, as these moving averages act as significant overhead resistance.
Notably, JASMY’s brief rally to $0.0325 was met with sharp rejections, suggesting profit-taking by traders and a lack of sustained buying pressure. The consistent lower highs in the price chart indicate weakening bullish momentum.
RSI Analysis and Divergence
The RSI Divergence indicator offers insights into market sentiment. Despite brief forays into positive divergence territory, the RSI has predominantly remained in the negative zone, with the latest value at -7.92. This bearish divergence signals caution, reflecting a lack of strong buying interest even at lower price levels.
Related article: JasmyCoin 7 Days Technical Analysis: (JASMY) Declines by 10.88% – Will The Last Support Hold?
Crucial Support Zones
Support at $0.0311 has proven resilient, with multiple tests during the trading period. However, a decisive breach could lead to a sharp decline toward the psychological $0.0300 mark, further intensifying selling pressure. Resistance at $0.0325 and $0.0337 remains unbroken, necessitating substantial buying momentum to reclaim these levels.
Market Outlook
The broader technical picture indicates a continuation of bearish pressure unless bulls can muster a decisive breakout. A sustained move above the 50 EMA could act as a catalyst for recovery, but the prevailing downtrend suggests caution. Traders should focus on volume trends and key support-resistance interactions for actionable insights.
Jasmycoin’s price remains under siege, with technical indicators pointing to prolonged bearish dominance. While support at $0.0311 offers temporary relief, the lack of bullish momentum above $0.0325 underscores the challenges ahead. Vigilant monitoring of key levels and market dynamics is crucial for navigating this uncertain phase.
The post JASMY Price Analysis: Jasmycoin Struggles for Momentum Despite a 1.68% Surge – What Does the Weekend Hold? appeared first on FXcrypto News.
