JasmyCoin price has been declining steadily since the beginning of December. It has experienced more than a 50% decline in value. Despite this, technical analysis is not showing signs of bullish hopes.
In her video on JASMY price, crypto analyst Michelle Jongbloets warns that JASMY price action is showing concerning signals after breaking below a crucial Fibonacci support level. Currently trading at $0.02626, JASMY has entered what Jongbloets describes as “the danger zone.”
The weekly timeframe reveals a significant breakdown below the 38 Fibonacci level, which had served as major support since December. Jongbloets points out that JASMY has also breached below its 20-period moving average, a key trend indicator. This breakdown could signal a shift in market sentiment, with the price now approaching the 50-period moving average.
What you'll learn 👉
Technical Indicators Paint a Bearish Picture
The momentum indicators are flashing warning signs, according to Jongbloets’ analysis. The Relative Strength Index (RSI) has declined to approximately 43, suggesting weakening momentum as it curves toward oversold territory. The MACD indicator has turned red and crossed below zero, indicating building selling pressure.
Jongbloets notes that a potential reversal pattern discussed in her previous analysis has been invalidated. The candlestick formation failed to meet the criteria for a valid reversal signal, as it lacked the characteristic small body near the bottom with a wick twice its size. She projects that JASMY may need to retreat to around $0.023, near the 20-period moving average, before showing signs of recovery.
Read Also: ONDO Recovers Strongly Following Successful Token Unlock: Here Are Next Price Targets
The daily chart shows particularly concerning developments, with Jongbloets highlighting a death cross formation as the 20-period moving average crossed below the 50-period moving average. The Bollinger Bands are showing signs of expansion, suggesting increased volatility ahead. Jongbloets identifies immediate support at $0.0259, with a secondary support level at $0.022.
Looking at the 4-hour timeframe, Jongbloets observes an “ongoing struggle” with compressed Bollinger Bands beginning to expand. She anticipates the 20-period moving average will likely act as resistance during any potential pullbacks. The Fibonacci extension suggests $0.022 as a crucial support level that could determine whether JASMY stages a recovery or continues its descent.
Monthly Timeframe Offers Some Hope
Despite the bearish short-term signals, Jongbloets points out that the monthly timeframe still shows JASMY trading above its 20-period moving average, maintaining a broader uptrend. However, she cautions that the price may need to test lower levels around $0.022 before any significant recovery can take place.
Reads Also: How Much Will 50,000 Cardano (ADA) Tokens Be Worth in 2025 When Bitcoin Hits $200K?
In her concluding remarks, Michelle Jongbloets advises traders to exercise caution with JASMY in the current market conditions. While the longer-term monthly trend remains technically bullish, the convergence of bearish signals on shorter timeframes suggests that further downside may be likely before any sustained recovery can begin.
Follow us on X (Twitter), CoinMarketCap and Binance Square for more daily crypto updates.
Get all our future calls by joining our FREE Telegram group.
We recommend eToro
Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs.
Copy trading: allows users to copy the trades of leading traders, for free.
User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate.
