Jasmycoin (JASMY) has recently been on a massive decline as the market crash impacted the “Asia Bitcoin”. The latest price action points towards sustained bearish pressure. Looking into the 4-hour chart, several key indicators suggest that JASMY bulls may face an uphill battle in the coming 24 hours.
Price Action and Support Levels
The sharp decline in early August is the most striking feature of JASMY’s recent price movement. This downward spike broke through multiple support levels, including the psychologically important 0.02 mark. Currently, JASMY is trading at 0.02149, representing a 27.73% price increase over the past 24 hours.
The chart’s Exponential Moving Averages (EMAs) are arranged in a bearish alignment. The 20 EMA (0.02192) is below the 50 EMA (0.02478), which in turn is below the 100 EMA (0.02643) and the 200 EMA (0.02774). This configuration, known as a “death cross,” typically signals strong bearish momentum.
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Resistance and Support Zones
Looking ahead, JASMY faces significant resistance at the 0.02730 level, coinciding with the 100 EMA. Above this, the 0.03295 and 0.03351 levels may act as additional barriers to any potential upward movement. On the downside, the recent low of 0.01709 could serve as immediate support, but a break below this level could lead to further losses.
The wide-ranging candles suggest elevated volatility, while trading volume shows a minor 2.22%. This increased volatility could provide opportunities for traders but also heighten the risk of sudden price movements in either direction.
Conclusion
In the next 24 hours, JASMY appears poised for continued bearish pressure. Traders should watch for any attempts to reclaim the 20 EMA as a first sign of a potential bullish reversal. However, given the current technical setup, any upward moves will likely face significant resistance. Risk management will be crucial in navigating this volatile market environment.
