JasmyCoin Surges 14% as Whales Accumulate $8.47M

JasmyCoin (JASMY) has experienced a significant surge in the crypto market, with a 14% increase pushing its value to a high of $0.0159 over the past 24 hours. This rally was primarily driven by substantial whale accumulation, with key players such as Binance, Bybit, Bitturk, and Bitvavo collectively purchasing $8.47 million worth of JASMY. Binance, in particular, has emerged as a major investor, holding 9.2% of the current supply, valued at $72 million. This level of control by large investors can either boost market confidence or trigger a sell-off, depending on market sentiment.

Beyond the influence of whales, the daily chart indicates that JASMY's recent rally was fueled by the asset trading into a fair value gap (FVG), marking a demand level and forming a new daily high. For the rally to sustain, JASMY needs to surpass the resistance at $0.01615. If successful, this could propel JASMY to a 97% gain, reaching $0.03196. However, there is also a possibility that JASMY may retrace back into the FVG to gather momentum before attempting to breach the resistance and move towards the target level. This potential rally is supported by a liquidity zone marked on the chart, which houses unfilled orders that the market could exploit to aid its upward movement.

Technical indicators suggest that investors are more inclined to sell after accumulation. The Money Flow Index (MFI), which measures liquidity inflow and outflow, indicates that buyers are nearing exhaustion. This phase occurs when the MFI crosses the overbought region of 80.00. At the time of reporting, the MFI has a reading of 76.82. Once exhaustion sets in, prices typically fall due to reduced liquidity supporting a rally. Similarly, the Relative Strength Index (RSI) gives a bearish reading, currently declining at 56.80. If the RSI drops below 50, JASMY is likely to fall, aligning with the second scenario shown in the earlier chart.

This market movement has gone against the longs as shorts begin to dominate. Currently, sellers are paying a premium fee to buyers. This trend occurs when the market favors short positions, which have more contracts opened. If the funding rate continues to drop, JASMY will likely stay on its downward path. Overall, whale accumulation may have little effect on JASMY if other segments of the market don’t resume buying the asset. Liquidity flow suggests that other market participants are betting on the asset dropping from its current level, indicating a cautious outlook among retail investors.