Jasmy price forms a risky pattern: can it fall 22%?

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On Tuesday, JasmyCoin’s price plummeted significantly due to the formation of a double-top chart configuration and a change in investor attitudes within the digital currency market.

JasmyCoin (JASMY) fell to an intraday low of $0.035, marking an 11.45% decline from Monday’s high

The accident occurred simultaneously with drops in various sectors of the cryptocurrency market. Bitcoin (BTC) dipped below $100,000, whereas once popular tokens and meme coins experienced a cooling off period.

Jasmy, sometimes called the “Bitcoin of Bitcoins,” experienced a drop as the momentum in the futures market started to wane. On Monday, its open interest in futures reached over $66 million, but by Tuesday it had retreated to approximately $61.45 million. In recent days, the open interest has remained relatively stable within a narrow range.

Data derived from on-chain analysis indicates a downward trend as well, showing a decrease in network expansion and a drop of around 10% in significant transactions. As per IntoTheBlock’s data, the number of large transactions plummeted from 387 in December to only 29 in recent times.

Over the past week, data from IntoTheBlock reveals a decrease of 1.27% in newly created wallets and a more substantial 15% reduction in active ones. This trend indicates a potential decrease in the currency’s popularity or demand within the cryptocurrency market.

Jasmy price forms a risky pattern

The current price trend of JasmyCoin exhibits a potentially risky double peak formation around the price point of $0.041. This pattern occurs when the asset reaches two high points with a connecting line, or neckline, which in this case is at $0.031. Such a pattern is often interpreted as a possible indication of an upcoming change in direction.

JasmyCoin’s price has dropped beneath its Fibonacci retracement level (50%) and its 50-day moving average, and it’s hovering close to the lower end of the Murrey Math Lines spectrum, indicating a possible downward trend.

If JasmyCoin falls below the rising trendline connecting its lowest points on December 20th and January 1st, there’s a possibility it could reach $0.028, a significant support level that was last seen in December.

If JasmyCoin surpasses $0.041, it would contradict the bearish outlook and potentially set the stage for further growth. A leap beyond this point might lead to additional increases, with a potential goal at the 23.6% Fibonacci retracement level of $0.050, which represents a 38% rise from its current position.

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2025-01-07 19:20