JasmyCoin (JASMY) Bulls May Enforce a Recovery Despite Range Lows Being Breached

The price of JasmyCoin [JASMY] has decreased by 18.66% since the daily open a month ago. The token has been on a steady downtrend, which appeared to have been halted in December, but wasn’t. And yet, there is evidence for accumulation.

The price action charts outlined two key levels for JASMY. Despite the losses last week, JasmyCoin bulls have the potential to enforce a recovery.

Range extremes are still important for JasmyCoin

Source: JASMY/USDT on TradingView

On the daily chart, JASMY had a bearish market structure. In December and early January, the price action resembled a range formation roughly between $0.032 and $0.04. However, Bitcoin’s [BTC] drop to $92k in the second week of January sent JASMY below the $0.032 support zone.

Subsequently, the price appeared to make a new lower high over the past couple of days, but this was not confirmed yet. The trading volume had been muted since the second half of December, but the rally from $0.03 last week saw a slight hike in trading volume.

If this volume boost is sustained, it could see a momentum reversal for JasmyCoin. At press time, the momentum was bearish, evidenced by the bearish crossover of the 20 and 50-DMAs. On the other hand, the A/D indicator has been rising slowly, noting higher buying pressure.

Lack of bidding in the short-term a concern

Source: Coinalyze

Over the last 48 hours, the price of JasmyCoin has risen by nearly 12%. And yet, the Open Interest was up by only 3.4%. The unenthusiastic response in the speculative market was a slightly bearish development though.

Realistic or not, here’s JASMY’s market cap in BTC’s terms

Finally, the funding rate remained positive, with the spot CVD climbing over the last 24 hours. These were small bullish signs, but were not enough to overshadow the lack of speculative bidding.