JasmyCoin Faces Bearish Pressure as Whales Sell and Exchange balances Rise
JasmyCoin, often referred to as Japan’s Bitcoin, is showing signs of a potential bearish breakdown.
As of Friday, JasmyCoin (JASMY) was trading at $0.018, marking a 130% increase from its April low. This surge has pushed its market cap to $938 million.However,on-chain data from santiment reveals that whales have been selling off their holdings. This activity could signal a bearish trend for the cryptocurrency.
Whales,who are large investors,have reduced their JasmyCoin holdings from 28.45 billion to 26.58 billion as Febuary. This significant drop indicates that these experienced traders are moving away from the asset. Additionally, the volume of JasmyCoin on exchanges has risen, with 15.9 billion coins now available, up from 15.83 billion earlier this week.
Investors monitor whale activity closely as these players are considered more educated than retail traders. The increase in exchange balances is concerning as it suggests that more tokens are being moved from personal wallets to exchanges, typically a precursor to selling.
jasmycoin,launched in 2016 by ex-Sony employees,focuses on IoT,blockchain,and data privacy. It provides a personal data locker for IoT devices and decentralized data management features. Despite the recent price rebound to $0.018, the technical analysis paints a bearish picture. The price has formed a rising wedge pattern, a bearish reversal sign. The MACD indicator also shows a bearish divergence. If a bearish breakout occurs, the price could drop to $0.01620, with a further potential fall to $0.0010. The 200-day Exponential Moving Average is acting as resistance, and the MACD indicator supports a bearish outlook. The next key support level is at $0.01620, followed by $0.0010. The market cap has reached $938 million, but the 200-day Exponential Moving Average is acting as resistance.
- Whales have offloaded almost 2 billion coins since February.
- Exchange balances are rising, indicating a possible sell-off.
- The rising wedge pattern and MACD divergence point to a potential decline.
While JasmyCoin has seen a 130% increase from its April low,the current trend suggests a possible downward movement. Crypto enthusiasts should stay cautious as the market dynamics indicate a potential downturn in the coming weeks.
