JASMY's 14% 24-Hour Drop Sparks Selloff Amid Key Resistance Failure, Bearish Momentum

JASMY’s 14% drop in the past 24 hours has intensified market volatility, raising questions about the cryptocurrency’s near-term trajectory. The token, which had rallied 22% over the past month, now faces critical technical and sentiment challenges. Despite a slight uptick in buying volume, key indicators suggest bearish momentum remains entrenched, with long liquidations and aggressive token distribution dominating the landscape [1].

The recent decline coincided with JASMY’s approach to a key resistance level at $0.01900, a zone previously linked to significant pullbacks. While the asset briefly tested this threshold, it failed to break through, reinforcing the zone’s historical resistance. Fibonacci retracement analysis highlights a potential support area around $0.01714, which could act as a short-term floor if demand materializes. However, sustained weakness below $0.01900 may deepen the selloff, leaving buyers vulnerable to further losses [1].

Derivative traders have positioned themselves for further downside, as evidenced by the Taker Buy/Sell Ratio, which stood at 0.88—well below the neutral 1.0 threshold. This metric, alongside liquidation data, underscores seller dominance in the market. Over the past 24 hours, long positions on major exchanges such as Binance and Bybit were liquidated for $224,240, compared to just $8,310 in short liquidations. Such imbalances reflect heightened bearish sentiment and suggest that derivative buyers are increasingly at risk of further drawdowns [1].

The Accumulation/Distribution (A/D) indicator, currently at negative 43.86 billion JASMY in trading volume, reinforces the bearish narrative. Despite this, early signs of stabilization have emerged. The A/D line has shown a slight upward trend, coinciding with a marginal rise in the Chaikin Money Flow (CMF) indicator. A sustained CMF above zero could signal renewed buying pressure, potentially supporting accumulation efforts near $0.01714. However, with distribution still outpacing accumulation, the road to a reversal remains uncertain [1].

Analysts caution that while the A/D’s minor improvement offers a glimmer of hope, the broader technical and sentiment indicators remain skewed toward the downside. The market’s reliance on a key support level and the persistence of bearish derivative positioning highlight the fragility of any potential rebound. For now, JASMY’s immediate outlook hinges on whether buyers can establish a foothold above $0.01714 or if the selloff accelerates beyond this critical threshold.

Source: [1] ["JASMY’s 14% plunge sparks selloff – Is this the end? THIS data says…"](https://ambcrypto.com/jasmys-14-plunge-sparks-selloff-is-this-the-end-this-data-says/)