JASMY Looks to Halt 25% Slide as Traders Pivot to High Growth Alternates

The crypto fear and greed index, which stood at 88 in the extreme greed zone early this year, has dropped below the neutral zone.

Cryptocurrency prices have been on a downtrend in recent months, and JASMY is no exception. The token has lost more than 60% of its value since December highs. However, several signs indicate that JASMY may be able to halt its ongoing sell-off and even experience a significant price increase.

Here are three reasons why JASMY price could jump 165% in the coming weeks.

JASMY Holders Aren’t Selling

Despite the token’s sharp price decline, data from CoinCarp shows that the number of JASMY holders has actually increased in recent months. On February 12th, there were approximately 88,600 JASMY holders, up from 85,300 a month earlier.

Typically, crypto traders sell off their holdings during sharp price declines, but this trend suggests otherwise. One possible explanation is that traders are accumulating JASMY tokens at lower price levels in anticipation of a future rebound.

Exchange Balances Continue to Drop

Another factor that could support higher JASMY prices is the declining exchange balances. According to data from CoinCarp, the total supply of JASMY tokens held on exchanges has dropped to 8.49 billion, down from 11.67 billion in March last year.

This exchange outflows indicate that traders are withdrawing their JASMY tokens from exchanges, possibly into hardware wallets or other types of cold storage. Removing crypto assets from exchanges reduces the circulating supply, which can put upward pressure on prices.

Falling Wedge Pattern Confluence

Finally, technical analysis of the JASMY price chart shows the formation of a falling wedge pattern, often characterized by two descending converging trendlines, which signals a potential reversal. In this scenario, Jasmy’s trendline is hovering near the confluence point, indicating a rebound could happen soon.

Additionally, the RSI has also formed this pattern, while the Percentage Price Oscillator has dropped to its lowest since August 2024. Notably, the last time Jasmy’s price reached this level, the token experienced a strong rebound.