Jasmy Coin Teeters as Whale Dumps Spark Bearish Pattern—Is This the Top?
Whales are bailing on Jasmy, leaving retail bagholders staring at a textbook danger zone chart pattern. The ’smart money’ exit comes just as retail FOMO hits peak levels—because nothing screams ’healthy market’ like panic buys chasing a sinking ship.
Technical traders spot trouble: The classic ’distribution phase’ setup suggests more pain ahead. Meanwhile, crypto bros insist it’s a ’buying opportunity’ between sips of overpriced nitro cold brew.
Funny how these ’decentralized’ projects always seem to centralize wealth in a few anonymous wallets before the dump. Stay sharp—this isn’t your grandma’s penny stock pump-and-dump... or is it?
Jasmy on-chain data | Source: Santiment
Another red flag is that the volume of JASMY tokens on exchanges has started rising in the past few days. There were 15.9 billion coins on exchanges, up from 15.83 billion earlier this week.
Soaring exchange balances is risky because it is a sign that investors are moving their tokens from self-custody wallets to exchanges. This transfer typically happens when investors want to sell their coins.
Started in 2016 by a team of ex-Sony employees, Jasmy is a popular cryptocurrency at the intersection of Internet of Things or IoT, blockchain, and data privacy. It offers a personal data locker, which enables users to store data from IoT devices. It also offers more decentralized data management features.
JASMY price technical analysis
The daily chart shows that JASMY price has bounced back in the past few weeks, moving from a low of $0.00825 in April to $0.018. It flipped the crucial resistance level at $0.01620, its lowest point on November 4, into a new support.
However, Jasmy has found resistance at the 200-day Exponential Moving Average. It has also formed a rising wedge pattern, a common bearish reversal sign. This pattern is made up of two ascending and converging trendlines. The MACD indicator points to a bearish divergence.
Therefore, JasmyCoin price will likely have a bearish breakout in the coming weeks. If this happens, the next first target will be at $0.01620, followed by the psychological point at $0.0010.
