JasmyCoin (JASMY) has seen a small bounce on Friday as traders focus on key technical levels in the market. JASMY has seen a small gain in the past day. New action in the BTC pair has caught the attention of analysts who focus on the early stages of the trend.
JASMY is currently trading at $0.005860. In the last 24 hours, the token has increased by 5.78%. Additionally, the token has seen a 16.8% rise in trading volume to $15.71 million. However, the token price has declined by 3.68% over the past week, according to data by CoinMarketCap.
Source: CoinMarketCap
Breakout Zone Approaches $0.0060
Analyst Umair Crypto has highlighted that the BTC pair is the main area to watch. The four-hour time frame displays a bullish flag pattern. Additionally, the token has attempted to move above the RSI 50. A clean move above the RSI 50 area often indicates a move with relative strength.
The daily chart indicates low price action. Green candles appeared, but momentum stayed limited. Analysts pointed out that the main move to watch is above the $0.0060 area. Additionally, the area aligns with the neckline of a potential head and shoulders pattern.
Umair noted that the break above the $0.0060 area indicates the potential to move to the $0.00643 area. This area indicates a structural change in the token’s price action.
Source: X
However, the overall trend should be monitored. He emphasized that the broader trend should be monitored with the BTC pair first, as altcoin strength often begins there.
According to CoinLore data, the price of JASMY must stay above $0.00444 to remain stable in the short term. The first resistance point for JASMY is at $0.00672. If the price goes above this point, the next resistance points will be at $0.00881 and $0.0108.
Also Read: JasmyCoin (JASMY) Eyes of a $4.47 Breakout Amid Altcoin Season Hopes
If the price of JASMY goes down, the initial support point will be at $0.00444. Failure at that point increases the probability of a move toward $0.00274. Traders still react to the price movements at these points because of the recent volatility in the market.
Derivatives Activity Reflects Cautious Sentiment
According to CoinGlass data, the volume of JASMY is at $24.78 million, indicating a decline of 5.44%. The Open Interest has increased by 3.59%, reaching $20.67 million. The OI Weighted Funding Rate stands at -0.0441%.
Source: CoinGlass
Technical Indicators Show Gradual Improvement
The Relative Strength Index (RSI), on the daily chart, has a value of 46.03. The signal line is at 43.67. The RSI is improving but still lower than the midpoint. This implied that there was little strength in the existing momentum.
Source: TradingView
The Moving Average Convergence Divergence (MACD) indicated a gradual change in the price of JASMY. The MACD reads at 0.00006, while the signal line is at -0.00024. The MACD reflected reduced bearish momentum without confirming a strong reversal.
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