Price Analysis: JASMY Faces Downward Pressure as Sellers Dominate With a 6.72% 24-hour Decline – How Long Will This Last? – BitRss

JasmyCoin (JASMY) faced increased bearish sentiment over the past 24 hours, with the price dropping by 6.72% to $0.040298, as seen in the chart. This decline comes amid a strong downward trend driven by persistent selling pressure and weakening technical indicators.

JASMY Price Action Overview

In the 1-hour timeframe, JASMY has shown a clear bearish pattern. After trading sideways between $0.042 and $0.043 earlier in the week, the price failed to maintain bullish momentum, triggering a decline. The recent hourly low of $0.039949 suggests sellers continue to dominate, pushing the price below key short-term moving averages.

^{Source: TradingView}

The chart’s Exponential Moving Averages (EMAs) illustrate a bearish alignment, looking at the 20 EMA at $0.041812 and 50 EMA at $0.042888, trending downward.

The 100 EMA and 200 EMA at $0.043507 and $0.043513, respectively, confirm long-term resistance levels as the price remains below all major EMAs.

This positioning indicates that bulls are losing ground while bears remain firmly in control of the short-term trend.

RSI Signals Bearish Divergence

The Relative Strength Index (RSI Divergence) indicator reinforces the bearish narrative. The RSI has consistently hovered in negative territory at -7.640050, reflecting weak momentum and a lack of buyer enthusiasm. This negative divergence confirms the ongoing downward trajectory and suggests that JASMY may struggle to recover unless significant buying volume emerges.

Related article: Price Analysis: Terra Classic (LUNC) Shows Signs of Consolidation After Recent Selloff Despite a Decline of 1.68% in the Last 24 Hours

Support and Resistance Levels

The critical support sits at $0.039900, where buyers may attempt to step in to defend against further declines. However, If bullish momentum returns, the first resistance is seen at the 20 EMA level ($0.041812), followed by stronger resistance at the 50 EMA near $0.042888.

JASMY must break above these EMAs with convincing volume for any short-term recovery. Failure to hold support around $0.039900 could result in a steeper decline toward lower price zones.

Conclusion: Caution Amid Bearish Pressure

JasmyCoin’s current price action reflects a bearish short-term trend, as sellers maintain control and indicators point to further weakness. Traders should closely monitor the $0.039900 support, as a breakdown could invite additional selling. For bullish sentiment to return, a move above the 20 EMA and rising RSI is critical.

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