JASMY plunges 7% – Can bulls hold the line or face a brutal 15% crash?

JASMY takes a nosedive as bears pile on pressure—will key support levels trigger a rebound or spark panic selling?

Bulls vs. bears: The $0.0085 zone emerges as a make-or-break battleground. Lose it, and traders might witness a cascading sell-off straight out of a leverage nightmare.

Meanwhile, crypto 'experts' on Twitter are already calling the bottom—just like they did before the last three corrections.

JASMY hits key support after daily drop

JASMY’s decline over the last 24 hours was triggered by a rejection at the descending channel’s resistance.

In fact, the asset has now dropped into a critical support zone at $0.0124 within the same channel. This zone could potentially reverse the prevailing downtrend, possibly triggering a breakout from the channel.

Source: TradingView

However, if the support breaks, JASMY may drop by 15% towards $0.0120, or fall further to $0.00822 – Marking a 27% decline.

JASMY’s next MOVE will largely depend on whether it holds this support or breaks below it, resulting in another leg down.

Technical indicators flash bearish signals

At the time of writing, the altcoin’s technical indicators hinted at more downside for JASMY in the coming sessions. For example – The Relative Strength Index (RSI) fell to 41.81, dipping into the bearish zone.

The bearish zone on the RSI is typically between 30 and 50 and it has historically correlated with market downtrends.

Source: TradingView

Similarly, the Chaikin Money FLOW (CMF) turned negative too, dropping to -0.06 on the charts. Here, the CMF measures buying and selling pressure based on volume flow. A negative reading indicates that selling volume has been dominating buying activity.

Such a combined drop in both the RSI and CMF hinted at greater selling pressure, a sign that JASMY’s price could continue to fall.

Will bulls defend support or is another breakdown coming?

Despite these bearish technicals, however, the spot and derivatives markets hinted at bullish sentiments.

In fact, data from CoinGlass revealed that JASMY has seen positive exchange netflows over the past 24 hours. $235,000 worth of tokens moved from exchange wallets to private wallets.

Source: CoinGlass

This trend is a sign of accumulation, one that has helped JASMY hold its press time support.

In the derivatives market, bullish sentiment seemed to be pretty evident too. The Open Interest Weighted Funding Rate returned to positive territory for the first time in a while. Its press time reading of 0.0009% implied that long positions have been gaining dominance lately. 

Source: CoinGlass

If accumulation in both spot and derivatives markets continues, it may help JASMY retain its press time support or even trigger a stop-hunt scenario, liquidating shorts before a reversal rally.

However, if selling pressure continues to dominate, JASMY could see a broader price decline to the previously projected levels.