Jasmycoin Fights to Maintain Support Showing a 2.03% Decline as RSI Signals Weakness: 24-Hour Price Analysis

Jasmycoin (JASMY) has experienced a tug-of-war between bulls and bears over the last 24 hours, with the price hovering around critical support levels. This has brought about a decline of 2.03% in price. Although JASMY’s earlier bullish attempts have been halted, the altcoin remains stable near its moving averages. However, key technical indicators reveal that selling pressure may be building.

Price Action and Moving Averages

JASMY’s 24-hour price chart indicates that the coin is trading within a tight range. It opened at $0.0197 and has shown resistance at $0.0199, just below the 20-day EMA, which sits at $0.0199. The 50-day EMA at $0.0198 has also capped price advances, with JASMY unable to hold gains above this threshold.

A closer look at the chart shows that the 100-day EMA and 200-day EMA are in a very close range, trading at $0.0196 and $0.0193, respectively. This narrow band of support suggests that Jasmycoin may be stabilizing, though it is important to note that a decisive breakdown could lead to a sharper decline. Bears might take control if the price breaks below $0.0193 (the 200-day EMA), and a downward movement to $0.0185 or lower could be expected.

RSI and Divergence

One of the key indicators in the analysis, the RSI Divergence, currently points to a bearish sentiment. The RSI value of -4.18 suggests weak market momentum. The declining RSI readings indicate that JASMY is losing buying strength, raising concerns about a potential bearish reversal.

RSI divergence often serves as an early warning signal for trend changes, and given the current reading, traders should remain cautious of further downward movement. The lack of significant bullish momentum could allow bears to drive the price lower, especially if support at the 200-day EMA fails to hold.

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Conclusion

Jasmycoin’s price has entered a crucial phase, balancing between holding its current support and breaking down further. While the 50-day EMA continues to suppress price growth, traders should keep an eye on the 200-day EMA, which could act as a final line of defence. The RSI divergence suggests that JASMY might face continued downward pressure unless bullish momentum picks up. The next few trading sessions will likely determine whether JASMY can hold its ground or succumb to further losses.

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.