24-Hour Price Analysis: Jasmycoin (JASMY) Faces Short-Term Resistance Dropping by 5.99% – Will the Bears Prevail?

Over the last 24 hours, Jasmycoin (JASMY) has been showing signs of bearish momentum despite a brief attempt by the bulls to push the price higher. The chart reveals key indicators such as the Exponential Moving Averages (EMA) and the Relative Strength Index (RSI), which play a pivotal role in interpreting the next moves for this asset.

Price Action and Moving Averages

JASMY’s price faced significant resistance around the $0.0205 mark, which was evident from the price peak on the chart. Since then, the token has failed to maintain upward momentum, dropping from $0.0200 and hovering around the $0.0192 level, with a 5.99% decline in the last 24 hours. The 20, 50, 100, and 200-period EMAs are crucial here, with the price currently below these moving averages, indicating bearish sentiment in the short term.

The 20-period EMA is at $0.0199, followed closely by the 50-period EMA at $0.0200, suggesting strong selling pressure that may not allow the price to break above $0.0200 in the near term. A sustained break below the 100-period EMA ($0.0198) could further fuel the bearish outlook for JASMY, pushing it toward lower support levels around $0.0185.

RSI Divergence and Market Sentiment

The RSI (14) currently reads 3.56, well below the neutral 50-level, indicating that the market is currently in oversold territory. However, it’s crucial to note that an oversold RSI doesn’t necessarily equate to an immediate reversal. The divergence spotted in the RSI shows a slight uptick after reaching its low, but this bounce hasn’t been substantial enough to turn the overall trend bullish.

The combination of bearish divergence on the RSI and the downward pressure from the EMAs suggests that JASMY could face more declines unless a significant increase in buying volume occurs.

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Conclusion

In the coming hours, traders should watch for further price weakness below $0.0192, which could confirm the continuation of the downtrend. However, if the price reclaims the $0.0200 mark and holds above the 50-period EMA, bulls could be relieved. Caution is advised for those looking to enter long positions, as the market structure currently favours bears.

Disclaimer: The information in this article should not be considered financial advice, and FXCryptoNews articles are intended only to provide educational and general information. Please consult with a financial advisor before making any investment decisions.