Milady Meme Coin (LADYS) and JasmyCoin (JASMY) prices dropped to key support levels on Monday, reflecting a broader decline in the crypto market. LADYS traded at $0.0000001292, 68% lower than its year-to-date high, while JASMY hit a low of $0.02757. This decline marks significant support levels for both cryptocurrencies. For Milady Meme Coin, the price dip aligns with its previous lows on April 17th and May 15th. In technical analysis, a drop below these levels could indicate further downside as bears take control.

Milady Meme Coin Price Chart

Jasmy, often referred to as Japan’s Bitcoin, also reached a crucial support level. Its lowest point at $0.02757 coincided with the 50-day moving average and the March high when Bitcoin surged. Similar to LADYS, a drop below this level might suggest further declines.

Futures Open Interest Drops

The price movements of JASMY and Milady Meme Coin have occurred alongside a decline in their open interest in the futures market. Data indicates that LADY’s open interest fell to $76k on Monday, down from a year-to-date high of nearly $1 million.

Open interest measures the number of futures contracts held by traders in active positions. Typically, a higher figure is seen positively in the crypto industry.

Additional data shows that the daily trading volume of Milady Meme Coin across all exchanges has dropped to less than $7 million, compared to an earlier average of over $30 million this year.

JasmyCoin exhibits similar trends. Its open interest in the futures market fell to over $40 million, down from a high of over $82 million earlier this month. This is the lowest figure since May 27th. Daily trading volume for Jasmy also decreased to $150 million from a month-to-date high of $560 million.

Market Sentiment and Broader Trends

The decline in Jasmy and Milady Meme Coin correlates with a drop in the crypto fear and greed index to a neutral point. This trend aligns with a general downturn in the cryptocurrency market, including Bitcoin, which has corrected by over 15% from its monthly high. Typically, altcoins like Jasmy and Milady tend to decline when Bitcoin trends downward.

Analysts have mixed views on whether this decline will persist or if a bullish reversal is imminent. While some predict a rebound for Bitcoin and other altcoins, others, like Peter Schiff, suggest that Bitcoin could continue to fall, potentially leading to further altcoin sell-offs.

Shares of MicroStrategy have declined 30% from the March high. Hedge funds that shorted MSTR and bought Bitcoin as a hedge may soon lift the long Bitcoin leg and just stay short MSTR. Their own Bitcoin selling will add to the downward pressure on MSTR, enhancing their gains. — Peter Schiff (@PeterSchiff)

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