- JasmyCoin rises 5.67% in 24 hours despite last week’s minor losses.
- The price maintains strength above key support at $0.0096–$0.0100.
- Technical charts signal a potential bullish reversal.
- A Breakout above $0.014 could confirm upward momentum.
JasmyCoin (JASMY) has turned positive once again, showing early signs of recovery after facing pressure in recent sessions. JASMY gained 5.67% in the past 24 hours, reflecting renewed market confidence. Despite a 3.2% weekly decline, the token is rebounding from key support.
At press time, the token is trading at $0.01086 with a 24-hour trading volume of $29.07 million, marking a 26.97% jump in trading activity. Its market capitalization has also strengthened to $532.72 million, reflecting a 6.16% increase.
Also Read: JasmyCoin (JASMY) Price Forecast: Bullish Setup Points to 360X Upside Potential
Technical Setup Signals Potential Breakout Formation
The price action shows that JASMY is retaining support firmly above the vital support area of $0.0096–$0.0100. Historically, this area has been a formidable bounce spot and is now indicating signs that it is accumulating. The token remains trapped inside a downtrending channel, albeit the price retaining support above the lower edge, the buyers are taking control back.
On the two-day chart, the technical aspects are also beginning to become bullish. The RSI is also recovering from an oversold area, indicating the return of bullish momentum. With the price breaking through the 100-day SMA at approximately $0.014, it ought to spark a breakout, confirming a likely trend change. Confirmed targets are $0.014, $0.019, $0.023, and $0.032, supported by historical resistance and volume gaps.
Derivatives Data Points to Rising Speculative Interest
Moreover, Open Interest (OI) recently rose +5.39% to $13.66M, signaling an active derivative position. Such is an indication of increasing trader interest, likely to expect volatility. Volume has been keeping itself moderate, spiking only for the time when major price swings were observed.
The OI-weighted funding rate is currently standing at -0.0008%, indicating weak bearish sentiments since shorts are paying the longs. Funding historically has come mostly positive, but moving to the negative side is seen to coincide with the previous price drop of the token. When the trend shifts to bullish, the liquidations for the short traders can trigger a short squeeze, boosting the upside for JASMY.
Also Read: JasmyCoin (JASMY) Price Forecast: Bullish Setup Points to 360X Upside Potential
