JASMY gained 15% – But Smart Money isn’t buying it

JasmyCoin [JASMY] has gained traction, with gains reaching roughly 15% in the past day, while exchange activities have played a significant role in driving the asset’s value upward.

The positioning in the market is now gradually changing, and the asset is likely to witness a downturn that could weigh on the accumulated gains from bulls in the market in the near term.

JASMY gains as market volume surges

The gain in JASMY has been driven by momentum in the market, with volume growing significantly alongside price, a classic bullish setup.

The volume across the market has surged by 48% to $68 million. Volume and price surging at the same time often reflect ongoing buying activity in the market.

While the volume has surged, the activity has been bullish across the majority of the market exchanges, particularly Binance, Bybit, KuCoin, and Gate, where the majority of the volume is long volume.

For example, on Binance, the Long to Short Ratio, which records all the activity across accounts on the platform, stood at 1.58, with top traders being the most bullish at 1.83 on the chart.

Whenever the Long/Short Ratio has a reading above 1, it suggests there is more bullish volume in the market, and investors are likely to continue pushing the asset’s volume higher.

Open Interest and Funding Rate support bullish momentum

The market analysis shows that there has been a growing inflow of capital into the perpetual market, and traders have positioned it largely for a long-term rally.

The Open Interest, which records capital in the market, was valued at $35.24 million following a 30% surge in the market. This implies that roughly $10.57 million of fresh capital entered JASMY’s perpetual market within that period over the past 24 hours.

The bullish outcome came from the fact that traders positioned the capital for a long, with the Funding Rate turning positive within that period.

CoinGlass data shows that the Funding Rate had reached 0.0183% at the time of this report, suggesting that traders are expecting the asset to surge further in the near term.

Notably, the inflow, as well as the positive Funding Rate, has been moderate at the time of writing, suggesting that the market outlook is likely to maintain its current outlook.

Smart Money turns bearish as selling pressure rises

The major concern for now has been the positioning of Smart Money, which has now opposed the ongoing trend.

Smart Money, which often makes profitable bets on the asset whether they go long or short, is presently bearish on the asset, as they anticipate the asset declining.

In the Spot market, there has been profit-taking activity, with $3.79 million sold in the market compared to the purchased asset. The netflow presently sits at $412,710 at the time of this writing.

When there is a massive outflow like this, especially one that has lasted for days, the selling pressure becomes more significant. For context, in this case, there has been more selling over the last 30 days. Continued selling could significantly weigh on the asset’s near-term performance.

Final Summary

• JASMY gained 15% as rising volume, Open Interest, and positive Funding Rate supported bullish momentum.
• Smart Money turned bearish, while continued Spot selling could weigh on JASMY’s near-term performance.