24-hours Price Analysis: Jasmycoin (JASMY) Struggles to Rebound Showing 7.10% Decline Amidst Bearish Pressure

In the last 24 hours, Jasmycoin (JASMY) has been grappling with significant bearish pressure, continuing its downward trajectory that has been prevalent over the past week. Despite attempts to recover, the cryptocurrency has failed to break through key resistance levels, signalling ongoing uncertainty in its price action.

Price Movement and Key Levels

JASMY opened the trading session at $0.02127 and faced immediate resistance at the 20-period Exponential Moving Average (EMA), currently at $0.02132. This level has been crucial in capping any upward momentum, with prices consistently retracing upon approaching this line. Furthermore, the 50-period EMA, currently at $0.02188, adds another layer of resistance, further suppressing bullish attempts. As of the time of publishing, JASMY is down by 7.10% in the last 24 hours.

On the downside, support is forming around the $0.02106 mark, just above the psychological level of $0.021. This area has held firm during intraday trading, preventing deeper losses. However, if bearish momentum persists, a retest of the lower support zone near $0.01611, which was tested earlier this month, cannot be ruled out.

Technical Indicators and Market Sentiment

The EMA alignment on the hourly chart—the 20 EMA below the 50 EMA, followed by the 100 EMA at $0.02357 and the 200 EMA at $0.03319—demonstrates a clear bearish trend. This downward-sloping sequence suggests that short-term selling pressure could continue, as each of these EMAs represents a formidable resistance level.

Market sentiment remains pessimistic, with traders exhibiting caution. The failed attempts to break above the 50-period EMA indicate low confidence in a short-term recovery. Additionally, the overall market environment, especially following the recent crypto market crash, has left traders wary of initiating new long positions.

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Outlook for the Next 24 Hours

Looking ahead, JASMY is likely to face continued resistance at the 20-period EMA. A decisive break above this level could trigger a test of the 50-period EMA around $0.02188. However, if the price fails to sustain above the current support at $0.02106, a further decline toward the $0.01611 support level could be on the horizon.

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.