JASMY drops 7% after 23% rally – But is a surprise reversal brewing?
The post JASMY drops 7% after 23% rally – But is a surprise reversal brewing? appeared on BitcoinEthereumNews.com.
JASMY on has ended up among the top losers in the market, following a 24-hour decline. The available JASMY on exchanges has hit a new low, adding to the potential bullish market run anticipated. After a week-long rally, which saw JasmyCoin [JASMY] jump 23.76%, the altcoin has turned bearish. In fact, it claimed the second spot among top market losers, sliding more than 7% in just one day. It remains unclear what influenced the price drop. Moreover, trading volume concurrently shrank by 26.93% to $60.97 million, clearly highlighting weaker hands exiting the market. Interestingly, market fundamentals continue to climb, long-term holders are increasing, and liquidity flow is heightening. Long-term holders are on the rise The long-term holders of JASMY appear to be growing, as the availability of the token on exchanges has kept dropping. According to a recent chart by CryptoQuant, JASMY Exchange Reserves have dropped to 10.6 billion tokens. This tightening supply, of course, often foreshadows a supply squeeze—where limited availability meets rising demand, naturally driving prices upward. Source: CryptoQuant The outcome of this is a bullish run, gradual at first, and eventually leading to a major price jump in the coming trading sessions. However, price movement doesn’t correlate with this. AMBCrypto has since analyzed other market metrics to determine whether the price will see a rally or not, to get a better potential narrative. A bounce-back remains imminent On technical charts, JasmyCoin retained clear rally potential, albeit with a slight risk of dipping briefly to the red Fibonacci line at $0.01304. This particular level marked a 50% retracement from its recent peak. Historically, markets often resume upward momentum after retracing between 50% and 60%. Source: TradingView The Fibonacci line, however, marks some levels above, which could serve as market resistance, delaying the price from seeing further gains. Further…
Filed under: News - @ April 18, 2025 1:23 am