JasmyCoin Price Drops Sharply Amid Crypto Market Sentiment Shift

JasmyCoin’s price experienced a sharp decline on Tuesday, following the formation of a double-top pattern and a shift in sentiment across the crypto market. The cryptocurrency’s price fell to an intraday low of $0.035, marking an 11.45% decline from Monday’s high.

The decline coincided with a broader downturn in the cryptocurrency market, as Bitcoin slipped below $100,000. Previously hot tokens and meme coins also cooled down, contributing to the overall market downturn.

Jasmy’s Decline and Market Indicators

Jasmy, also referred to as “Bitcoin’s Bitcoin,” tumbled as momentum in the futures market faded. Its open interest in futures rose to over $66 million on Monday, only to retreat to $61.45 million on Tuesday. Open interest has remained within a narrow range in recent days.

On-chain metrics, such as network growth and large transactions, also paint a bearish picture for Jasmy. The number of large transactions fell by 10%, from 387 in December to 29, according to recent data. Additionally, new and active addresses have declined by 1.27% and 15%, respectively, over the last seven days, suggesting a drop in demand for the cryptocurrency.

Jasmy’s Price Pattern and Potential Reversal

JasmyCoin’s recent price action shows a risky double-top pattern at $0.041. This pattern forms when an asset hits twin peaks with a neckline, which in this case is at $0.031. It is often seen as a sign of a potential reversal.

JasmyCoin has fallen below both the 50% Fibonacci retracement level and the 50-period moving average. It is also trading near the bottom of the Murrey Math Lines range.

Key levels to watch:

  • Risk of a drop to $0.028, the key support level last seen on December 20, if JasmyCoin breaks below the ascending trendline linking the lows of Dec. 20 and Jan. 1.
  • Invalidation of the bearish view if JasmyCoin rises above $0.041, potentially opening the door to more gains with a target at the 23.6% retracement level of $0.050, representing a 38% upside from current levels.

For the latest updates on the crypto market and cryptocurrency prices, visit Global Crypto News for more information and analysis.

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