- JASMY appeared to have a bullish daily market structure on the charts
- Range training may be a possibility
JasmyCoin (JASMY) has gained 20.6% since the lows of Monday, September 23. It reversed the daily pattern bullishly, but traded within a key resistance zone. A Bitcoin (BTC) retracement could reset the gains made by JASMY.
Technical indicators favored a bullish outlook for the token. Short-term sentiment also expected sustained gains, but some caution from swing traders may be warranted.
Volume concerns for bulls
Source: JASMY/USDT on TradingView
Over the past few days, trading volume bars were above average compared to the past two months, but still minimal compared to the late May rally. The Money Flow Index was at 76 and highlighted strong upward momentum and buying pressure, but it only takes into account the last 14 trading days.
Therefore, buying pressure may be relatively higher, but not absolutely higher compared to strong trend periods like February or May. This may be worrying as the price has approached a key resistance level at $0.0244 that has been in place since early August.
Fibonacci levels showed that $0.0265 and $0.03 would also be crucial resistances if JASMY managed to break out. However, the moving averages have continued to show long-term bearish momentum – a breakout is vital for the bulls to reverse the downtrend.
Strong spot demand to boost JasmyCoin
Source: Coinalyse
Open Interest and spot CVD have increased rapidly since last Monday, and especially over the last 48 hours. Together, they denote bullish conviction in the spot and futures market.
Read JasmyCoin (JASMY) Price Prediction 2024-25
Technical and price action indices were bullish, but also highlighted that swing traders and investors need to be careful. A range formation with highs at $0.0244 is still possible, and participants should take this possibility into account before making their plans.
Disclaimer: The information presented does not constitute financial, investment, business or other advice and represents the opinion of the author only.
