JASMY's Uptrend Stalls as Whales Dump Millions
1min read JASMY's uptrend has stalled, with whale sell-offs threatening remaining buyers. Despite a significant rise in buying pressure over the past 24 hours, leading to a price gain of over 10%, the bullish sentiment has been countered by large investors selling their holdings, creating bearish pressure.
Large investors have sold a total of 16.19 million JASMY in the past 24 hours, adding to the downside pressure. This sell-off has been facilitated by these large holders moving their JASMY from wallets back to crypto exchanges. The decline intensified as JASMY traded into a major supply zone, marked by the In/Out of the money around price (IOMAP), which highlights a significant concentration of sell orders. This level lies between $0.0215 and $0.0253, with a mid-range at $0.023, where 8,350 addresses have placed a sell volume of 11.13 billion JASMY.
JASMY's drop comes after trading into a resistance level that coincides with the IOMAP level, following a breakout from the overall bullish descending line pattern that formed on the 4-hour chart. The current price drop is likely to extend to a support level at $0.01790, forming a higher low before a major bounce to the upside, potentially reaching $0.02735 in a significant rally. However, if the price loses the $0.01790 support level and declines as low as $0.01612, it would confirm that the bearish trend remains intact, increasing the likelihood of further price declines.
Derivative traders remain bullish as Open Interest and trading volume show strong momentum. Open Interest has surged over 11% in the past 24 hours, reaching $25.85 million. A notable increase like this suggests more unsettled derivative contracts, meaning more contracts were opened. However, with buying volume outweighing selling volume as it traded above 1, indicating that these new contracts were dominated by buyers. If bullish sentiment holds, JASMY's current decline could be forming a higher low before a strong move to the upside. Otherwise, the asset may continue its past month's bearish streak, which saw a 43% decline.
