JasmyCoin (JASMY) Crashes Below 12-Month Support—Is More Downside Ahead? Key Levels to Watch
JasmyCoin has slipped below its crucial 12-month support level, sending worrying signals to the JASMY community. The price tumbled around 12% from $0.01256 (the 12-month support level) down to $0.01103, where buyers stepped in to provide some temporary relief.
This buying pressure created a long lower wick on the daily candlestick, showing that bulls aren’t completely giving up yet. Right now, JASMY token is trying to climb back above the broken support, which typically becomes resistance once broken.
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What Happens Next Depends On Key Levels
If JASMY can manage a strong daily close above this former support line, it would give investors reason for optimism. Even better would be finishing the week above this key level.
On the other hand, continued weakness and a weekly close below this level would likely trigger additional selling. Should JASMY price fail to hold the $0.01103 support, the next logical target sits all the way down at $0.00848 on the daily chart.
Stop Losses Could Accelerate Downside
An important factor to consider is that this support line has held for an entire year. When such established levels break, it often triggers a chain reaction of stop-loss orders getting hit. This can create a snowball effect of liquidations and fresh selling that pushes prices down even faster than technical factors alone would suggest.
Read Also: How High Can SUI Price Go in March?
On the positive side, if JASMY can reclaim the broken support by the daily or weekly close, it might simply return to its previous sideways consolidation pattern. Even more encouraging would be an improvement in overall crypto market sentiment and a rising Bitcoin price, which could potentially help JASMY not just recover but establish new highs relatively quickly.
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