JASMY on has recently experienced a significant decline in the market, marking a 24-hour downturn. Despite this, there is optimism for a potential bullish market run as the available JASMY on exchanges has reached a new low. The altcoin, JasmyCoin [JASMY], had previously seen a week-long rally resulting in a 23.76% increase before turning bearish and becoming one of the top market losers with a 7% slide in just one day. The reasons for this price drop remain unclear, but the decrease in trading volume by 26.93% to $60.97 million suggests weaker hands exiting the market.
Interestingly, while the price of JASMY has been experiencing a decline, market fundamentals are on the rise with an increase in long-term holders and growing liquidity flow. Long-term holders of JASMY have been steadily increasing, as indicated by the dropping availability of the token on exchanges. According to data from CryptoQuant, JASMY Exchange Reserves have decreased to 10.6 billion tokens, which typically precedes a supply squeeze that can drive prices upwards.
Despite the recent price drop, there is speculation about a potential bullish run in the near future. Technical charts show that JasmyCoin still has rally potential, with a minor risk of dipping to the red Fibonacci line at $0.01304 before potentially resuming its upward momentum. Market resistance may be encountered at various Fibonacci levels, with a major price target of $0.019 where significant selling activity has been observed in the past. Until this level is reached, the price of JASMY may continue trending higher.
The liquidity flow in the market further supports the possibility of a price rally, with the Money Flow Index currently pointing towards an increase in liquidity being channeled into the market at a healthy rate. However, there is a possibility of a price correction if the index crosses above the 80 threshold. Additionally, the Relative Strength Index (RSI) is currently positive at 52.53 but trending slightly downward, indicating potential short-term price softness. If the price reaches the Fibonacci support level mentioned earlier, the RSI could rebound, signaling renewed market strength.
In conclusion, JASMY on has experienced a recent decline in the market, but there are indications of a potential bullish run in the near future. Despite the price drop, market fundamentals such as an increase in long-term holders and growing liquidity flow suggest a positive outlook for JASMY. Technical analysis also supports the possibility of a price rally, with Fibonacci levels and historical market data pointing towards potential resistance levels and price targets. With the current liquidity flow and market indicators, there is optimism for a bounce-back in the price of JASMY in the coming trading sessions.
