Jasmy 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, JasmyCoin balances on exchanges have crashed, signaling a potential rebound.
Jasmy 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 Coin 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.
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.
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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