JasmyCoin (JASMY) Crashes Below 12-Month Support—Is More Downside Ahead? Key Levels to Watch

JasmyCoin has slipped below its crucial 12-month support level, sending worrying signals to the JASMY community. The price tumbled around 12% from $0.01256 (the 12-month support

The price of JasmyCoin (CRYPTO: JASMY) has slipped below a key 12-month support level, raising concerns among investors.

What Happened: The price of JASMY tumbled around 11.9% from $0.01256—the 12-month support level—down to $0.01103, where buyers intervened to provide some respite to the selling pressure.

This strong buying interest is evident in the large lower wick on today’s daily candlestick, indicating that bulls are still present despite the recent selloff.

Currently, the JASMY token is attempting to rise back above the broken support, which is likely to act as resistance until it’s decisively breached.

If JASMY manages to secure a strong daily close above this former support line, it could signal to investors that the bears’ strength might be waning, paving the way for a potential recovery. An even more bullish scenario would be a weekly close above this key level.

However, if the price trends lower again and posts a weekly close below this support, it might trigger further selling as investors react to this new development.

Should JASMY fail to hold the $0.01103 support, the next logical target on the daily chart lies at $0.00848.

What Is Key to Watch: A significant factor to keep in mind is that this support level had been holding firm for an entire year.

When such well-established levels give way, it often sets off a chain reaction with a cluster of stop-loss orders getting triggered. This, in turn, can create a snowball effect of liquidations and fresh round of selling.

If viewed optimistically, if the buyers manage to push the price back above the broken support by the daily or weekly close, it might simply return to its previous sideways consolidation pattern in a new trading range.

An improvement in the overall crypto market sentiment and a rising Bitcoin price could help JASMY not only recover but also potentially establish new highs relatively quickly.