Jasmycoin’s (JASMY) price has continued to tumble, shedding a massive 20.58% over the last 24 hours to settle at $0.0299. The steep decline below key moving averages suggests a bearish grip on the market. However, technical indicators point to oversold conditions, sparking hope for a potential short-term bounce.

Technical Breakdown: Moving Averages Under Pressure

JASMY’s hourly chart underscores the intensity of the bearish trend. All key EMAs – 20 ($0.0338), 50 ($0.0363), 100 ($0.0387), and 200 ($0.0406) – are positioned above the current price, reinforcing the downward trajectory.

The downward slope of the EMAs reflects sustained selling pressure, while the gap between short-term (20 EMA) and long-term (200 EMA) moving averages highlights the trend’s strength. The price must decisively break and hold above the 20 EMA for bullish momentum to re-emerge.

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RSI Analysis: Potential for a Reversal

The RSI reading of -11.45 suggests deeply oversold conditions, where a corrective rally often follows. However, the lack of bullish divergence and weak trading volume raises questions about the sustainability of any short-term recovery. Traders should wait for confirmation of a trend reversal through a stronger RSI reading and higher volume.

Crucial Levels to Watch

Support at $0.0300 is currently being tested, and a breakdown below this level could accelerate the decline toward $0.0280. On the resistance side, the 20 EMA at $0.0338 remains the first hurdle, with further challenges at $0.0363 (50 EMA). A daily close above these levels would signify bullish strength.

Jasmycoin’s price action reflects a continuation of bearish dominance, but oversold RSI levels provide a glimmer of hope for a short-term rebound.