The cryptocurrency market has experienced heightened volatility recently, with bearish pressure dominating most assets. JasmyCoin (JASMY) has not been immune to these broader market trends, reflecting traders’ cautious sentiments. Integrating key indicators such as exponential moving averages (EMAs) and RSI divergence provides a clearer picture of potential trends.
Analyzing the Moving Averages
The EMA on the hourly chart (20, 50, 100, and 200 periods) reveals a strong bearish trend dominating the market. Currently, the price is trading at $0.03217, below the 20 EMA ($0.03257) and the 50 EMA ($0.03395). These levels act as immediate resistance zones, capping any short-term bullish recoveries. JASMY has demonstrated a 10.88% decrease in the last 7 days.
Source: TradingViewThe 100 EMA at $0.03522 and the 200 EMA at $0.03570 form higher resistance levels, indicating that significant upward momentum is required to break past these hurdles. If JASMY fails to reclaim the 20 EMA soon, the bearish trend will likely continue, with the following support zone resting near $0.031.
RSI Divergence: A Ray of Hope?
The Relative Strength Index (RSI) divergence is a noteworthy factor. With a divergence value of 6.90, the indicator shows a potential bullish divergence forming on the hourly chart. This suggests that momentum indicators hint at a possible reversal while prices have continued to fall. Traders should closely monitor RSI movements to gauge whether the divergence materializes into upward momentum.
Related article: Jasmycoin Struggles to Maintain Momentum After a 24-Hour High, Hitting $0.04330: Will This Dip Continue?
Price Action and Trend Expectations
JasmyCoin’s price action suggests limited bullish sentiment, as it remains below critical resistance levels. If buyers step in and push the price above the 20 EMA, we could see a recovery toward the 50 EMA at $0.03395. A sustained move above this level would signal a reversal, with targets at $0.035.
On the downside, failure to hold $0.032 could lead to further declines, potentially targeting $0.031. The overall trend leans bearish, but the RSI divergence could provide opportunities for short-term bullish trades.
Conclusion
The upcoming week for JasmyCoin appears uncertain, with bearish momentum dominating the chart. However, signs of RSI divergence suggest the possibility of a temporary recovery. Maintaining caution and observing how JASMY interacts with the $0.032 and $0.035 levels will be essential.
The post JasmyCoin Technical Analysis: (JASMY) Declines by 10.88% – Will The Last Support Hold? appeared first on FXcrypto News.
