24-hour Price Analysis: Jasmycoin (JASMY) Faces Strong Resistance at $0.0208: Will the Bulls Break Through?

Jasmycoin (JASMY) has encountered significant resistance over the past 24 hours as the market remains trapped in a downward channel. The price has struggled to break through key technical levels, leaving traders uncertain about the coin’s short-term prospects. Despite multiple attempts to push higher, Jasmycoin faces selling pressure, as technical analysis indicates. This article will explore the EMA levels and RSI divergence to better understand whether bulls can regain control.

Price Struggles Near the 200 EMA

Jasmycoin’s price is closely battling the 200 EMA (blue line) at the $0.0196 mark, a significant level for mid-term price action. Over the last 24 hours, the coin made a brief attempt to test this level but was swiftly rejected, indicating strong resistance. The price has since dropped back to the 20 and 50 EMAs, both of which are currently acting as near-term support levels at $0.0194. The inability to hold above these moving averages could lead to further declines toward $0.0192 or lower.

A key indicator supporting the bearish outlook is the RSI divergence, which currently sits at -1.34. This divergence suggests weakening bullish momentum, confirming that sellers still hold the upper hand. The red signals on the RSI indicate growing downward pressure, and without a significant push from buyers, Jasmycoin may continue its descent. A positive RSI divergence could indicate a potential reversal, but given the current market conditions, this scenario seems unlikely.

EMAs Offer Key Insights into Market Sentiment

The EMAs are crucial for understanding market trends. The 20 EMA (red) has crossed below the 50 EMA (orange), signaling a short-term bearish trend. Meanwhile, the 100 EMA (blue) remains above both the 20 and 50 EMAs, reinforcing the bearish momentum. Jasmycoin’s failure to close above the 200 EMA solidifies the view that the market is not yet ready for a bullish breakout. However, if the price breaks and holds above the 200 EMA, it could trigger a bullish reversal, with $0.020 as the next target.

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Conclusion

Jasmycoin is currently facing a tough battle to break above key resistance levels, especially the 200 EMA, which has proven to be a significant hurdle. The bearish RSI divergence and EMA alignment suggest that the market may continue to see selling pressure in the near term. While a breakout above the 200 EMA could shift market sentiment in favour of the bulls, traders should remain cautious as the price action continues to show signs of weakness. Key support lies at $0.0192; failure to hold this level could lead to further declines.

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.