JasmyCoin (JASMY), known for its association with Japan’s Bitcoin, is at risk of a bearish downturn. This is driven by the formation of a risky pattern and the ongoing selling spree by whales. 📈 The price has surged to $0.018 from its April lows, marking a notable increase in market capitalization to $938 million. 📈 💰 📈 📉 💸 📊 📉 📈 💣
On-chain data reveals that JASMY whales have experienced significant selling activity this year, resulting in a decline of 68% from its December peak. This has led to a substantial drop in the supply held by these whales, down to 26.58 billion coins, from a high of 28.45 billion throughout the year.
🚨 The recent surge in JASMY price hasn’t deterred whales from selling; despite holding 26.6 billion coins on May 1st, their holdings have now dipped to 26.58 billion today. 📉
Their continued selling this month further strengthens the bearish outlook. 💸 💣
The rising exchange balances of JASMY tokens, which have increased from 15.83 billion earlier this week to 15.9 billion recently, is another concerning sign. This suggests a trend of investors moving their tokens from self-custody wallets to exchanges.
The rise in exchange balances signifies a potential move towards selling. 🤔
JasmyCoin: A Brief Overview
Established in 2016 by a team with background in Sony, Jasmy is a prominent cryptocurrency at the intersection of Internet of Things (IoT), blockchain and data privacy. Its offerings include a personal data locker for storing data from IoT devices and more decentralized data management features.
Technical Analysis: A Bearish Outlook
The daily chart indicates that JASMY price has rebounded significantly over the past few weeks, rising from its April low of $0.00825 to reach $0.018. However, resistance at the 200-day Exponential Moving Average and a rising wedge pattern are indicating a potential bearish breakout.
The MACD indicator exhibits a bearish divergence, adding further fuel to the bearish prediction. 💣
Therefore, based on technical analysis, JasmyCoin is likely to experience a bearish breakthrough in the coming weeks. If this occurs, it’s possible that its price will fall towards its previously significant support level at $0.01620, followed by the psychological barrier of $0.0010.
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