JasmyCoin has crashed in the past few days as the crypto market pullback continued. JASMY price retreated from the July high of $0.02060 to the important support at $0.015. This retreat could be brief as whale accumulation gains steam.
JASMY Price Technical Analysis
The daily chart shows that the JASMY price pulled back from the July high of $0.02053 to the current $0.015. It has bottomed at the 50-day and 100-day Exponential Moving Averages (EMA).
JasmyCoin’s Relative Strength Index (RSI) and the MACD have pointed downwards. The RSI moved below the neutral point at 50, while the two lines of the MACD have formed a bearish crossover.
JASMY price has also formed a symmetrical triangle pattern whose two lines are nearing their confluence level. Therefore, the most likely scenario is where JasmyCoin drops to the lower side of the channel and then bounce back.
More gains will be confirmed if the JasmyCoin price jumps above the key resistance level at $0.02053. A move above that level will point to more gains, potentially to the key resistance level at $0.034, its highest point on February 1.
On the flip side, a drop below the lower side of the triangle will point to more downside to the year-to-date low of $0.00817.
JASMY price chart | Source: TradingView
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JasmyCoin Whale Accumulation Continues
A potential catalyst for the Jasmy price is the ongoing whale accumulation, a sign that they expect it to keep rising. Data shows that whale volume jumped by 188% in the last 30 days to 14.32 million. It increased from a low of 4.2 million in July.
More data shows that the top 100 addresses rose by 2.37% in the last 30 days. Most importantly, the amount of JASMY tokens on exchanges dropped to 15.36 billion today, down from 16.36 billion last month.
Increasing whale accumulation and falling exchange balances are a recipe for a bullish breakout. Exchange outflows are bullish in the crypto industry because they signal that investors are moving their tokens to their self-custody.
Another potential catalyst for the Jasmy price is the falling futures open interest. Data shows that the open interest dropped to a low of $33 million, down from almost $60 million earlier this month.
In most cases, a bullish breakout normally happens when the futures open interest is falling and vice versa. For example, the token started falling when the interest peaked.
Jasmy coin price will also rebound because of the potential crypto bull run as Bitcoin has formed a bullish pennant pattern. Further, Jasmy’s weighted funding rate has remained in the green since July 8, a sign that investors expect it to continue rising.
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