Jasmycoin (JASMY) has recently experienced a downward movement in its price action, showing consolidation signs within a bearish channel. Analysing the 1-hour chart over the last 24 hours reveals that Jasmycoin struggles to hold above its key moving averages, suggesting that bearish forces continue to dominate the market. Jasmy has demonstrated resilient by holding up to a 1.56% price increase despite a 15.63% decline in the 24-hours trading volume. Technical indicators, including the RSI and exponential moving averages (EMAs), highlight ongoing struggles for buyers to regain control.
Price Action Overview
In the past 24 hours, Jasmycoin has hovered around the $0.0192–$0.0196 range, with a slight recovery attempt as it approaches the 200 EMA. However, the coin failed to break through key resistance levels and is trading near the 100 EMA (blue line), a significant indicator for short-term price direction. The chart shows the 20, 50, and 100 EMA converging tightly around the $0.0194–$0.0196 zone, suggesting a potential breakout or breakdown could be imminent.
The alignment of EMAs is a critical factor in determining market sentiment. The 20 EMA (red) and 50 EMA (orange) are currently below the 100 EMA, reflecting a bearish trend. However, Jasmycoin attempts to push above the 50 EMA, indicating a potential reversal if bullish momentum strengthens. A clean break above the 100 EMA could lead to further upward movement, pushing the price closer to the 200 EMA resistance level at $0.0197. Failure to breach this resistance could see a continuation of the downtrend.
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RSI Indicates Weak Buying Pressure
The Relative Strength Index (RSI) shows significant bearish divergence, with a current reading of -1.34, highlighting weak buying pressure. This suggests that despite minor price spikes, sellers remain in control. The RSI must cross into positive territory for any substantial upward price movement. Until then, Jasmycoin may remain range-bound, with resistance around $0.0196 and support around $0.0192.
Conclusion
Jasmycoin appears to be consolidating within a bearish trend, with key resistance at the 100 and 200 EMAs preventing any major price movement. While a breakout above these levels could signal a reversal, the prevailing bearish indicators suggest that sellers remain in control. The RSI further confirms weak buyer momentum, so traders should exercise caution. Breaking above $0.0196 could trigger a rally, but without sufficient buying pressure, the coin may continue trading in a tight range over the next 24 hours.
