Quickly understand the history and background of various well-known coins

"JASMYCoin Surges 26% in 24 Hours, Volume Soars 440%

Coin WorldFriday, Jan 31, 2025 9:28 pm ET

1min read

JasmyCoin (JASMY) has experienced a significant price rally in the past 24 hours, gaining 26% and reaching a trading volume of $525.23 million, a 440% increase. At the time of this report, the coin was trading at $0.034.

While there is potential for further growth in the market, certain factors could hinder JASMY's rally. The coin recently broke out of a descending channel formed by lower highs and lows within defined support and resistance levels. This breakout typically indicates a rally move, and the channel had been forming since December 4, 2024, suggesting likely accumulation of JASMY at a lower level.

Currently, JASMY is retesting the resistance level of this channel. If this level flips to support, the coin could rally by 84.79% to $0.059, last reached on December 5, 2024.

Despite the bullish sentiment, JASMY could potentially face challenges as certain cohorts are selling their assets. The coin has recorded weekly profit-taking activity for the first time since September 2024, with $1.89 million worth of the asset sold. This was determined through JASMY's Exchange Netflow on Coinglass, which turned positive in the past week, indicating traders are selling.

The Funding Rate, which measures the premium paid to maintain positions and keep the difference between Spot and Futures prices low, shows that short traders are in control. With a Funding Rate of -0.0110%, it suggests the price could fall as short contracts are heavily funded, implying confidence among these short traders. These negative metrics have contributed to the delay in JASMY continuing its bullish stretch and signal potential further struggles.

However, positive signs from indicators suggest that the current delay JASMY is experiencing could be temporary. The Moving Average Convergence Divergence (MACD) has added to the bullish movement, forming a golden cross pattern with the short-term moving average (blue) crossing over the long-term average (orange). This pattern confirms a strong upward trend in the market, suggesting JASMY could rally higher.

The Relative Strength Index (RSI) measures changes in price momentum and has crossed into the bullish zone above

Disclaimer: The news articles available on this platform are generated in whole or in part by artificial intelligence and may not have been reviewed or fact checked by human editors. While we make reasonable efforts to ensure the quality and accuracy of the content, we make no representations or warranties, express or implied, as to the truthfulness, reliability, completeness, or timeliness of any information provided. It is your sole responsibility to independently verify any facts, statements, or claims prior to acting upon them. Ainvest Fintech Inc expressly disclaims all liability for any loss, damage, or harm arising from the use of or reliance on AI-generated content, including but not limited to direct, indirect, incidental, or consequential damages.