Jasmycoin Drops 18% in Three Days, Bearish Trend Continues

Jasmycoin, a digital asset, has experienced a notable decline in recent days, with an 18% drop over the past three days. This decline has reinforced the bearish structure of the asset, as sellers have been in control since the beginning of February. The asset has shed 56% of its value since then, with the defense of the $0.01713 level lasting only seven days before the bears emerged triumphant on March 4th. Since then, Jasmycoin has retested the same level as resistance, indicating a continued downward trend.

Most altcoins, including Jasmycoin, have been bleeding against Bitcoin in the long term. The JASMY/BTC pair has been falling since mid-December and was already below its November lows. The JASMY/USD pair is also trending downward at a fast pace. The Relative Strength Index (RSI) has been obstinately below the neutral 50 level since mid-December, underlining the bearish momentum at play. Each downward price leg has seen a retest of the previous high time frame (HTF) support, such as $0.038 and $0.032. The $0.0244 and $0.0171 levels were the latest support-turned-resistances.

The Chaikin Money Flow (CMF) was at +0.02, denoting a lack of significant capital outflows from the market. However, this offered little hope to JASMY bulls in the face of the overwhelming downtrend. The next support levels were at $0.0125 and $0.00083. The former was important in June-July 2022, and then again in February 2024. Perhaps the price descent would halt here, but traders must maintain a bearish outlook. The Open Interest has also been in a downtrend since early February, indicating a steady decline in speculative interest in recent weeks and highlighting bearish sentiment.

The 2-week liquidation heatmap showed that the liquidity cluster at $0.015 failed to halt the bears. Instead, the selling pressure forced prices lower quickly. The absence of bidding and relentless selling highlighted the likelihood of further losses in the coming days. The 2-week and longer-period heatmaps, such as 1-month and