Jasmy Coin Price Prepares Big Move as Exchange Balances Plunge

Find out why the Jasmy coin price may stage a strong comeback soon as balances on centralized exchanges and futures open interest dip
By crispus
Jasmy Price Prepares Big Move as Exchange Balances Dip

Highlights

  • Jasmy price has a potential catalyst now that exchange balances are falling.
  • JasmyCoin’s futures open interest has also dropped in the past few months.
  • Jasmy has formed a falling wedge pattern, a popular bullish sign.

Jasmy coin price has pulled back in the last two months, falling by over 60% from its November highs. It still continues having bearish pressure as investors remain fearful to buy the dip, causing a series of lower lows. Still, Jasmy balances on exchanges have crashed, signaling a potential rebound.

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Jasmy coin Price Has a Catalyst as Exchange Balances Plunge

Jasmy Coin price has crashed to a low of $0.02295, down from last year’s high of $0.0590. This decline is in line with the performance of other cryptocurrencies like Ethereum, Solana, and Cardano. 

On the positive side, there are signs that many Jasmy holders are not selling. One way to look at this is to watch the exchange balances data. CoinGlass numbers show that these balances have fallen to 8.47 billion JASMY coins, the lowest it has been in over a year. The chart below shows that the balance has dropped from 11.67 billion in March last year. 

A sharp drop in exchange balances means holders are not selling and buyers are moving them to self-custody, a positive thing in the crypto industry. 

JASMY Balances
JASMY Balances
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Jasmy Open Interest Have fallen

The other potential catalyst for the Jasmy price is that the futures open interest has continued falling this month. This figure stood at $31.90 million on Thursday, its lowest level since October last year. It is also much lower than the December high of over $147 million.

In theory, a coin does well when the futures open interest is rising. However, a sharp drop in interest can be a contrarian thing. For example, Jasmy surged in October after the interest dropped to $23.6 million.

Jasmy Open Interest
Jasmy Open Interest
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JasmyCoin Price Technical Analysis And Targets

The daily chart reveals that the Jasmy price has plummeted in the past few months. However, on the positive side, it has slowly formed one of the most popular bullish reversal patterns in the market: falling wedge.

A wedge chart occurs when an asset is stuck inside a range that continues to narrow over time. It has two descending and converging trendlines. In most cases, an asset bounces back when the two lines near their meeting point. 

Jasmy Price Chart
Jasmy Price Chart

Therefore, the value of Jasmy will likely rebound in the coming days since the two lines are nearing their tipping point. If this happens, the initial target for the coin is $0.04452, the upper side of the cup pattern. However,  drop below this week’s low of $0.01876 will invalidate the bullish view.

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Frequently Asked Questions (FAQs)

1. Will the Jasmy price rebound as exchange balances fall?

There are chances that the Jasmy token will bounce back soon as the exchange balances fall since it is a sign of accumulation.

2. What are the potential catalysts for the Jasmy Coin token?

The key potential catalysts for the price of Jasmy is that its futures open interest are falling and that it has formed a falling wedge chart pattern.

3. How high can the JasmyCoin price rise?

The most likely scenario is where the Jasmy price rebounds and retests the key resistance level at $0.0445, the upper side of the cup. A move above that level will point to more gains, potentially to last year’s high of $0.0590.
crispus
Crispus is a seasoned Financial Analyst at CoinGape with over 12 years of experience. He focuses on Bitcoin and other altcoins, covering the intersection of news and analysis. His insights have been featured on renowned platforms such as BanklessTimes, CoinJournal, HypeIndex, SeekingAlpha, Forbes, InvestingCube, Investing.com, and MoneyTransfers.com.
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