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Analysis

JASMY price prediction – What to expect over the weekend?

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A range formation with the highs at $0.0244 is still possible, and participants should factor this possibility in.
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JASMY price prediction - What to expect over the weekend?
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  • JASMY seemed to have a bullish daily market structure on the charts
  • A range formation may be a possibility

JasmyCoin [JASMY] has gained by 20.6% since the lows of Monday, 23 September. It flipped the daily structure bullishly, but traded at a key resistance zone. A Bitcoin [BTC] retracement could reset the gains JASMY made.

The technical indicators favored a bullish outlook for the token. The short-term sentiment was also expectant of sustained gains, but some caution among swing traders may be warranted.

Volume worries for the bulls

JASMY 1-day Chart

Source: JASMY/USDT on TradingView

Over the past few days, the trading volume bars were above average compared to the past two months, but still minimal compared to the rally in late May. The Money Flow Index was at 76 and highlighted strong upward momentum and buying pressure, but it only takes into account the last 14 days of trading.

Hence, the buying pressure may be relatively higher, but not absolutely higher when compared to periods of a strong trend like February or May. This can be worrisome, because the price approached a key resistance level at $0.0244 that has been in place since early August.

The Fibonacci levels showed that $0.0265 and $0.03 would also be pivotal resistances should JASMY manage to breakout. However, the moving averages continued to show long-term bearish momentum – A breakout is vital for the bulls to flip the downtrend.

High spot demand to boost JasmyCoin

JasmyCoin Coinalyze

Source: Coinalyze

The Open Interest and the spot CVD were increasing rapidly since last Monday, and especially over the past 48 hours. Together, they denoted bullish conviction in the spot and Futures market.

Read JasmyCoin’s [JASMY] Price Prediction 2024-25

The technical and price action clues were bullish, but also underlined that swing traders and investors should be cautious. A range formation with the highs at $0.0244 is still possible, and participants should factor this possibility in before making their plans.

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion

 

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Akashnath Sumukar works as a Senior Journalist at AMBCrypto. Based in Chennai, India, he has been an avid follower of the cryptocurrency market since Bitcoin’s boom and bust cycle of 2017. A graduate in Chemical Engineering, he is an expert in technical analysis. In fact, Akashnath has a particular interest in reading price charts and predicting how an asset will move over the short and long term. A self-taught trader and as someone who holds cryptos himself, he is always on the lookout for the next opportunity he can possibly capitalize on, while also educating his audience.
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