Jasmycoin (JASMY) continues to navigate turbulent waters as it oscillates between support and resistance levels, reflecting traders’ cautious sentiment. Over the past 24 hours, the cryptocurrency’s movements have showcased a delicate balance of buyer and seller dominance, influenced by technical indicators and a tightening trading range.
Price Action Overview
JASMY began the 24-hour trading near the $0.0312 mark and experienced minor upticks, briefly reaching a high of $0.0325 before encountering resistance. The rejection at this level indicates a persistent bearish grip, as evidenced by the downward-sloping Exponential Moving Averages (EMAs). Notably, the 20 EMA ($0.0319) has stayed below the 50 EMA ($0.0325), suggesting continued short-term selling pressure.
Meanwhile, the broader EMAs (100 EMA at $0.0337 and 200 EMA at $0.0347) highlight a bearish trend on the higher timeframes. These levels are crucial benchmarks for bulls aiming to regain momentum. The near-term outlook may remain constrained unless there is a decisive break above the 50 EMA.
RSI Divergence and Market Sentiment
The RSI Divergence indicator paints a mixed picture. The RSI value fluctuated between positive and negative zones, with the latest reading at -7.92 signalling a bearish divergence. This reflects a waning bullish momentum and an increased likelihood of downward continuation. However, traders should watch for reversal signals, as oscillators often precede price changes.
Related article: 24-hour Technical Analysis: Jasmycoin (JASMY) Faces a Critical Support Test Amid Market Downturn, as It Declines by 10.35%
Support and Resistance Levels
JASMY’s immediate support lies at $0.0311, a level tested multiple times during intraday trading. A breach below this point could open the gates to further downside, targeting $0.0300. Conversely, resistance levels at $0.0325 and $0.0337 remain formidable barriers. A breakout above these thresholds could spark renewed bullish enthusiasm, with the 200 EMA as the next critical target.
Conclusion
Jasmycoin’s price action underscores the ongoing tug-of-war between buyers and sellers. While the bearish indicators dominate the technical landscape, potential reversals remain possible, contingent on strong volume and a decisive breach of key resistance levels. Traders should stay vigilant, monitoring the RSI divergence and EMA interactions for early signs of trend shifts.
