JasmyCoin [JASMY] has emerged as a top performer in the crypto market, recording significant gains over the past 24 hours. The asset saw a 14% surge, reaching a high of $0.0159. This rally was primarily fueled by whale accumulation, with major players like Binance, Bybit, Bitturk, and Bitvavo leading the charge. Together, these whales invested a total of $8.47 million in JASMY, with Binance now holding a substantial 9.2% of the total token supply, valued at $72 million.
While whale accumulation has sparked a bullish momentum for JASMY, other market participants are taking a more cautious approach, betting on a potential drop in the asset’s value. The liquidity flow suggests that there is a significant interest in selling off JASMY at its current level, leading to a potential market correction.
Looking at the technical indicators, the daily chart for JASMY shows the asset trading into a fair value gap (FVG), indicating a demand level that has fueled the recent rally. To sustain this momentum, JASMY will need to break through the resistance at $0.01615, which could potentially lead to a 97% surge, pushing the asset to $0.03196.
However, there are also signs of a possible retracement, as indicated by the liquidity zone on the chart. This level could act as a support zone for JASMY, allowing it to gather momentum before attempting another rally towards the target level.
On the flip side, technical indicators like the Money Flow Index (MFI) and Relative Strength Index (RSI) suggest that buyers may be nearing exhaustion, potentially leading to a sell-off in the market. If the MFI crosses the overbought region or the RSI drops below 50, JASMY is likely to experience a downward trend.
In the broader market context, shorts are beginning to dominate, with sellers paying a premium fee to buyers. This trend favors short positions and could keep JASMY on a downward trajectory if the funding rate continues to drop.
Ultimately, while whale accumulation has driven JASMY’s recent gains, the asset’s future performance will depend on the overall market sentiment and whether other segments of the market resume buying the asset. Investors should closely monitor the technical indicators and market dynamics to make informed decisions about their JASMY holdings. The Benefits of Meditation for Mental Health
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