JasmyCoin Drops 12% as Bearish Trend Persists Below $0.01393 Resistance

JasmyCoin has experienced a 12% decline from its peak price three days ago, and analyst Crypto Patel anticipates further downward movement. The current price of JasmyCoin on Binance is approximately $0.01278, and Patel's latest 4-hour chart indicates a bearish outlook for the token.

According to Patel, JasmyCoin's price was recently rejected from a crucial area known as the Fair Value Gap (FVG), situated near the previous week’s high at around $0.01393. This rejection suggests that bulls were unable to push the JASMY price beyond this significant resistance zone, which has now become a major point of weakness for the coin.

Patel’s chart illustrates the price struggling below this resistance, failing to regain strength after liquidity was swept. This implies that large buyers or sellers triggered moves that cleared out stop losses above the highs, but instead of a continued upward move, the JASMY price turned sharply downward.

Patel’s bearish scenario is clearly outlined in the chart. The orange line predicts a downward path that could take the JasmyCoin price down to the previous week’s low around $0.01024. This level serves as Patel’s main downside target if the bearish trend continues. The analyst also pointed out a stop loss level near $0.01420, which is just above the resistance area, highlighting where the bearish view would be invalidated if the price moves higher instead.

In addition to the $0.01024 target, Patel noted a more aggressive downside possibility near $0.008, suggesting that if momentum turns strongly negative, the JASMY price could sink even lower.

Looking at the chart posted by Patel, the current price is hovering just below $0.01280 and forming a lower high pattern, which is a classic sign of continued bearish momentum. The marked CISD area on the chart shows a point of decision where the price could either attempt a minor bounce or continue downward sharply. Patel believes the latter is more likely given the recent rejection from the FVG.

Overall, the JasmyCoin price outlook remains pressured as long as the price stays below the $0.01393 resistance. Patel’s clean short setup points to a solid risk-to-reward opportunity for bears targeting a drop to the $0.01024 level or possibly lower.

The outlook for JasmyCoin remains bearish as long as its price stays below the $0.01393 resistance level. Patel's analysis suggests a clean short setup, indicating that the price could slide lower. This bearish sentiment is further supported by the overall market conditions, which have been unfavorable for many cryptocurrencies. The resistance level at $0.01393 acts as a critical barrier, and until JasmyCoin can break above this point, the downward pressure is likely to persist. Investors and traders should closely monitor this resistance level, as a failure to surpass it could lead to further declines. The bearish trend is not unique to JasmyCoin, as many other cryptocurrencies have also faced similar challenges in recent times. The market's volatility and the lack of significant positive catalysts have contributed to the overall bearish sentiment.