Key Insights:
- JasmyCoin formed a vast pattern of inverted heads and shoulders during the weekly time frame.
- Despite recent price dips, JasmyCoin exchange reserves are at all-time lows – dropping from 22B to nearly 11B.
- JASMY secured a spot among the top 10 coins with a 4% increase in holdings over the last 48 hours. Its holder distribution highlights growing interest.
JasmyCoin price was in a strong downtrend. However, the token was approaching a potential bounce zone. This could change the outlook if the monthly close exceeds the $0.500 key zone.
JasmyCoin Price Action and Prediction
JasmyCoin showed potential to complete the formation of an inverted head and shoulders pattern on the weekly timeframe. This could be invalidated if the $0.007 zone was broken.
This pattern may successfully break and hold above the $0.0500 neckline area. If this happens, it could confirm this historical bullish price reversal pattern.
This could see JasmyCoin price rise toward the $1.00–$3.00 zone, but only if it rose above $0.0500 with colossal momentum. Failing to reclaim this specific zone from the bears would render the setup useless, causing prolonged consolidation or market decline.
A downward move through the $0.007 price level could speed up selling activities, pushing prices toward historical lows.
The range between $0.007 and $0.500 may impede price growth before any meaningful breakout toward higher or lower price points. A Fisher Transform value of -4.35 indicated that prices had entered oversold territory. This suggests signs of a possible market reversal ahead.
Bullish momentum could become stronger if the indicator crosses the -2.94 level. However, the buying was weak as the RSI showed 35.33. Breaking above 40 might indicate early signs of trend recovery.
A bullish outlook for JasmyCoin price hinged on either breaking past $0.500 or maintaining support at $0.007. Otherwise, bearish momentum could continue.
If a confirmed breakout occurred, the trend would continue upward bullishly. Resistance to rejection could create more selling pressure.
JasmyCoin Exchange Reserves
JasmyCoin exchange reserve decreased $11 Billion from 22 Billion to 10.97 Billion, the lowest since May 2022. Exchange supply decreased alongside price increases, notably in mid-2023. During this period, market supply shifted from 18 billion to 16 billion.
Market trends showed a downward movement at the price point of $0.0104. This suggests extensive correction forces exist throughout the market. A decrease in exchange reserves showed strong accumulation patterns that could decrease market selling pressure.
The reduction of exchange reserves during early 2024 triggered a short-term rise in JasmyCoin prices to above $0.04. However, the price was reversed.
Rising demand could surpass the supply, which could result in an inversion. Future price increases could likely follow restricted sell-side market liquidity in the downturns.
JasmyCoin price could either decline further or become stable because of low demand. JASMY needs continuous price movement to validate any positives from falling exchange reserves.
Holder Distribution
Top investors in JasmyCoin hold 34.03% of the total supply. The remaining 65.97% is distributed among numerous smaller investors.
Larger entities have strengthened their positions in the Jasmy market. The top 10 holders accumulated 4% of assets in the past 48 hours.
A high ownership percentage held by major investors showed their strong support. Although the situation brought more stability during normal times, it presented higher price volatility risks when broader market corrections occurred.
JASMY would likely see significant declines if the top holders sold, regardless of what happened to the overall market prices. Additional accumulation of the holdings among the top holders in the market could offer support against fluctuations in market prices at large.