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 β€œBitcoin’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.

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