JASMY eyes 84% rally—But THIS group could stand in its way
The post JASMY eyes 84% rally—But THIS group could stand in its way appeared on BitcoinEthereumNews.com.
JASMY has breached a month-long consolidation channel and could rally as high as $0.05. Weekly profit-taking could slow the price rally; however, technical indicators show a possibility for a higher move. In the past 24 hours, JasmyCoin [JASMY] has seen a massive price rally, gaining 26%, with its volume reaching $525.23 million—a 440% increase. The coin was trading at $0.034, at press time. According to AMBCrypto’s analysis, there’s room for more growth in the market; however, certain hindrances could delay JASMY’s potential rally. Can the upward move be maintained? JASMY recently broke out of a descending channel formed by lower highs and lows within defined support and resistance. Such breakouts typically indicate a rally move. This channel had been forming since the 4th of December 2024, suggesting likely accumulation of JASMY at a lower level. Currently, it is retesting the resistance level of this channel. If this level flips to support, JASMY could rally 84.79% to $0.059, last reached on the 5th of December 2024. Source: TradingView While bullish sentiment remains, JASMY could potentially struggle as certain cohorts are selling their assets. Selling could pause JASMY’s rally JASMY has recorded weekly profit-taking activity for the first time since September 2024, with $1.89 million worth of the asset sold. This was determined through JASMY’s Exchange Netflow on Coinglass, which turned positive in the past week. A positive Netflow indicates traders are selling, while a negative Netflow suggests bullish sentiment. Source: Coinglass The Funding Rate, which measures the premium paid to maintain positions and keep the difference between Spot and Futures prices low, shows that short traders are in control. With a Funding Rate of -0.0110%, it suggests the price could fall as short contracts are heavily funded, implying confidence among these short traders. These negative metrics have contributed to the delay…
Filed under: News - @ February 1, 2025 1:06 am