- Whale selling pressure, combined with major resistance-level selling, added to JASMY’s downside pressure.
- Derivative market traders remained bullish as the number of contracts climbs alongside buying volume.
In the past 24 hours, JasmyCoin [JASMY] saw a major rise in buying pressure, with its price gaining over 10%. This movement is associated with derivative traders placing long bets.
However, AMBCrypto found that other segments of the market, led by large investors, are countering this move as they continue to sell JASMY, potentially impeding its future rally.
Large investors and price roadblocks force a drop
Despite bullish sentiment, large investors have continued selling their holdings, creating bearish pressure.
According to large holders’ netflow data, which tracks buying and selling activity among this cohort, there has been a significant sell-off as they move their JASMY from wallets back to crypto exchanges.
In the past 24 hours, these large holders have sold a total of 16.19 million JASMY, adding to the downside pressure.
Source: IntoTheBlock
The decline intensified as JASMY traded into a major supply zone, marked by the In/Out of the money around price (IOMAP), which highlights a significant concentration of sell orders.
This level lies between $0.0215 and $0.0253, with a mid-range at $0.023, where 8,350 addresses have placed a sell volume of 11.13 billion JASMY.
In turn, JASMY’s upward move has seen a reversal, forcing a downturn.
AMBCrypto conducted further examination of the chart to determine JASMY’s potential next move.
Bullish sentiment hinges on key levels
JASMY’s drop comes after trading into a resistance level that coincides with the IOMAP level, following a breakout from the overall bullish descending line pattern that formed on the 4-hour chart.
Per the analysis, the current price drop is likely to extend to a support level at $0.01790, forming a higher low before a major bounce to the upside, potentially reaching $0.02735 in a significant rally.
Source: TradingView
However, if the price loses the $0.01790 support level and declines as low as $0.01612, it would confirm that the bearish trend remains intact, increasing the likelihood of further price declines.
If this occurs, the bearish trend would prevail.
Derivative market holds strong
Derivative traders remain bullish as Open Interest and trading volume show strong momentum. Open Interest has surged over 11% in the past 24 hours, reaching $25.85 million.
A notable increase like this suggests more unsettled derivative contracts—meaning more contracts were opened.
However, with buying volume outweighing selling volume as it traded above 1, indicating that these new contracts were dominated by buyers.
Source: Coinglass
If bullish sentiment holds, JASMY’s current decline could be forming a higher low before a strong move to the upside. Otherwise, the asset may continue its past month’s bearish streak, which saw a 43% decline.
