- JASMY seemed to have a bullish daily market structure on the charts
- Range formation could be a possibility
JasmyCoin [JASMY] has risen 20.6% since the low of Monday, September 23. It changed the daily structure bullish, but traded in a key resistance zone. A Bitcoin [BTC] retracement could wipe out the gains JASMY has made.
The technical indicators favored a bullish outlook for the token. Short-term sentiment also expected continued gains, but some caution among swing traders may be warranted.
Volume concerns for the bulls
Source: JASMY/USDT on TradingView
In recent days, trading volume bars have been above average compared to the past two months, but still minimal compared to the late May rally. The Money Flow Index stood at 76, highlighting strong upside momentum and buying pressure, but only takes into account the last 14 trading days.
The buying pressure may therefore be relatively higher, but not absolutely higher compared to periods with a strong trend, such as February or May. This could be concerning as 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 crucial resistances if JASMY managed to break out. However, the moving averages continued to show long-term bearish momentum. A breakout is essential for the bulls to reverse the downtrend.
High spot demand to boost JasmyCoin
The Open Interest and the spot CVD have risen rapidly since last Monday, and especially in the last 48 hours. Together they indicated a bullish belief in the spot and futures markets.
Read JasmyCoin’s [JASMY] Price forecast 2024-25
The technical and price action indications were bullish, but also underscored the need for swing traders and investors to be cautious. A range formation with the highs at $0.0244 is still possible, and participants should consider this possibility before making their plans.
Disclaimer: The information presented does not constitute financial advice, investment advice, trading advice or any other form of advice and is solely the opinion of the writer