JasmyCoin (JASMY) is trading at $0.0172, reflecting a modest 0.73% increase in the past 24 hours and a 2.17% rise over the past week. Although the short-term movements are relatively positive, the trading volume of the coin has changed significantly, dropping by 47.31% to $34.14 million over the last 24 hours. Market capitalization is $857.09 million and is increased by 0.65%.

Source: CoinMarketCAP

More Crypto Online has found that an extended rally in JASMY needs to hold a price over $0.0147 to keep its current bullish momentum. The current pullback in price is seen as wave 4 set in diagonal pattern, the structure widespread in technical analysis.

The further dependability of this trend relies on whether the price will maintain the support point of $0.0147, that is deemed as the crucial mark of any price changes.

Source: X

Also Read: JasmyCoin Bulls Target $0.014+ as Short Liquidations Stack Up

JASMY Neutral Sentiment Weak Bullish Pressure

The general sentiment of the market is neutral, and there is no direction of the market, either bullish or bearish. The MACD indicator gives a divergent signal. The MACD line crosses above the signal line, and a bullish crossover is apparent. 

But the strength of this crossover is low because there are only low positive bars on the histogram. This is an indication that there is a little upward pressure but not enough to create a powerful bullish move yet.

Regarding the technical indicators, JASMY is now trading above the 50-day moving average (blue line), below the 100-day (green line) and 200-day (red line) moving averages.

Such a positioning indicates that the short-term movement might be a little bit positive, however, the long-term perspective remains slightly bearish. To demonstrate a stronger bullish change, there would have to be a sustained move above the 100-day and 200-day moving averages.

Source: TradingView

Key Support and Resistance Levels Determine Next Move

Market monitors and traders are monitoring critical support and resistance levels. The most crucial level of support of JASMY is at $0.0155, whereas the resistance to monitor is located at $0.0176.

A break on the upside of this resistance level may mark the beginning of a steeper bullish rally. On the other hand, should it fail to get above $0.0176, further consolidation or even reversal of price might be experienced.

A market is in an undecided position, and JASMY is in a consolidation process. Whether it will break the resistance at $0.0176 or not, or whether it will crash through the support points, will be a determining factor in the price movement. Traders must watch out, as there exists the likelihood that there may be a breakout or extension of the current neutral trend.

Also Read: JasmyCoin Breakout Signals Potential 20x Rally Amid Hidden Bullish Divergence