Jasmycoin (JASMY) Drops by 8.63% in 24 Hours as Bearish Trend Persists

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Over the past 24 hours, Jasmycoin (JASMY) has witnessed subdued trading activity, marked by an inability to break free from the bearish trend that has gripped the market. The coin has remained range-bound, struggling to surpass significant resistance levels, which raises concerns about its near-term outlook.

Analysis of Price Action

Starting the day at $0.02127, JASMY quickly encountered resistance at the 20-period Exponential Moving Average (EMA), which stood at $0.02132. This level has consistently acted as a cap, preventing the price from making substantial gains. The inability to break above the 20 EMA underscores the persistent selling pressure in the market.

Moreover, the 50-period EMA, positioned at $0.02188, has reinforced this resistance, making it difficult for JASMY to initiate a bullish reversal. These EMAs have repeatedly pushed the price back, leading to flat movement throughout the day.

Conversely, the price has found some stability at the immediate support level of $0.02106. However, if this support falters, the next key level to watch is the $0.01611 support, tested during the recent broader market sell-off.

Exponential Moving Averages and Market Dynamics

The EMAs on the hourly chart provide a clear picture of the ongoing bearish trend. The 20 EMA is below the 50 EMA, which is below the 100 EMA at $0.02357 and the 200 EMA at $0.03319. This arrangement signifies that bearish momentum is still dominant, with each higher EMA reinforcing the resistance against any potential price recovery.

Traders remain cautious as the recent market crash continues to influence sentiment. There is a lack of significant buying interest, with volumes remaining relatively low. The prevailing market dynamics suggest that without a clear catalyst, JASMY is likely to remain under pressure.

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Short-Term Forecast and Key Levels

JASMY’s price is expected to trade within the current range for the next 24 hours unless a decisive move occurs. Breaking above the 20-period EMA could pave the way for a test of the 50-period EMA at $0.02188, but this would require significant buying interest. Conversely, if the price fails to hold above the immediate support at $0.02106, it may revisit the $0.01611 level.