24-hours Technical Analysis: Jasmycoin’s Price Consolidates as it Struggles to Breakout From Resistance Despite a Minor 0.26% Surge: Will It Hold or Break Lower?

In the past 24 hours, Jasmycoin (JASMY) has experienced a period of consolidation, with prices trading in a tight range between $0.0194 and $0.0196. Despite an earlier attempt to break higher, JASMY has retraced and now sits just above key support levels with a slight 0.26% increase. This article examines the technical indicators and market sentiment to determine whether JASMY will hold its current range or break lower in the coming sessions.

Price Movement and EMA Insights

JASMY’s price has been hovering near its short-term exponential moving averages (EMAs), particularly the 20-period EMA, which is currently at $0.01961. The 50-period EMA lies slightly higher at $0.01966, indicating that the price is struggling to gain momentum above this resistance. The 100-period EMA, positioned at $0.01968, provides additional resistance, while the 200-period EMA below the current price at $0.01958 offers some level of support.

The presence of these EMAs so close together suggests a period of price indecision, with neither the bulls nor bears fully in control. If the price closes below the 200-period EMA, JASMY could see increased downward pressure, potentially leading to a further decline.

RSI Divergence Signals Weakness

The RSI divergence indicator on the chart shows a reading of -18.4, signalling bearish momentum. This negative divergence indicates that buying pressure is weak despite the recent bounce from support. The RSI below the neutral 50 level suggests that the current uptrend could be losing strength, and a pullback to test lower support levels is possible.

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Conclusion

JASMY is at a crucial point where the price could either hold and rebound off its 200-period EMA support or break lower, triggering a more significant downside move. As indicated by the RSI, the lack of strong buying pressure raises concerns for bulls hoping for a reversal.

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.