Jasmycoin Price Analysis: Bearish Control Remains Strong As JASMY Declines by 3.25% in the Last 24-hour

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Jasmycoin (JASMY) has been struggling over the past day, failing to break above key resistance levels and remaining within a well-defined descending channel. Despite brief upward momentum, bearish sentiment dominates, leading to lower highs and lower lows. The technical indicators present a challenging outlook for JASMY in the immediate future. Let’s delve into the latest price action and key levels to watch.

Descending Channel and Bearish Pattern

The descending channel visible on the chart clearly indicates that sellers are maintaining control. JASMY’s price has consistently moved within this channel, with the lower boundary acting as a support line, while the upper boundary has capped any attempts at recovery. The current price of $0.02044 sits precariously close to the support levels, signalling potential further downside. Given the established pattern, a breakout is unlikely without significant market intervention.

JASMY faces strong resistance from multiple EMAs, including the 20, 50, 100, and 200-period moving averages. These EMAs are trending downward, reinforcing the bearish outlook. The price recently attempted to break above the 50 EMA at $0.02075 but failed to sustain momentum, pushing it back into the descending channel. The confluence of these EMAs indicates that JASMY will likely face continued downward pressure in the coming sessions.

Market Momentum and Indicators

The market favours the bears, as evidenced by the EMA alignments and the ongoing downtrend. The RSI hints at slight increases in buying interest but remains subdued overall. Buyers must show significant strength to reverse the current trend, which seems unlikely given the prevailing market conditions. Until a clear reversal signal emerges, traders should expect the bearish trend to persist.

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What to Expect in the Next 24 Hours

Looking ahead, JASMY is likely to continue its downward trajectory. The price could test the lower boundary of the descending channel once again, potentially reaching the $0.02000 level. If support at this level breaks, further declines could lead to prices below $0.01990. On the upside, any recovery attempts are expected to be limited by resistance around the $0.02075-$0.02130 range, where the EMAs are clustered. Traders should remain cautious, as the current market structure favours the bears.

JASMY’s price outlook remains bearish, with the descending channel and EMAs suggesting further downside potential. Without a significant shift in market sentiment, the downtrend is expected to continue for the foreseeable future.