- JasmyCoin made a new lower low on Wednesday, 15 January, making the structure bearish
- Lower timeframe weakness in Open Interest revealed bullish sentiment was feeble
JasmyCoin [JASMY] shed 18.66% of its value, compared to its daily open a month ago. The token was on a steady downtrend, which appeared to have been halted in December, but wasn’t. And yet, there was evidence for accumulation.
The price action charts outlined two key levels for JASMY. Despite the losses a week ago, JasmyCoin bulls have the potential to enforce a recovery.
Range extremes are still important for JasmyCoin
Source: JASMY/USDT on TradingView
On the daily chart, JASMY had a bearish market structure. In December and early January, the price action resembled a range formation roughly between $0.032 and $0.04. However, Bitcoin’s [BTC] drop to $92k in the second week of January sent JASMY below the $0.032 support zone.
Subsequently, the price appeared to make a new lower high over the past couple of days, but this was not confirmed yet. The trading volume had been muted since the second half of December, but the rally from $0.03 last week saw a slight hike in trading volume.
If this volume boost is sustained, it could see a momentum reversal for JasmyCoin. At press time, the momentum was bearish, evidenced by the bearish crossover of the 20 and 50-DMAs. On the other hand, the A/D indicator has been rising slowly, noting higher buying pressure.
Lack of bidding in the short-term a concern
Over the last 48 hours, the price of JasmyCoin has risen by nearly 12%. And yet, the Open Interest was up by only 3.4%. The unenthusiastic response in the speculative market was a slightly bearish development though.
Realistic or not, here’s JASMY’s market cap in BTC’s terms
Finally, the funding rate remained positive, with the spot CVD climbing over the last 24 hours. These were small bullish signs, but were not enough to overshadow the lack of speculative bidding.
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion
