Jasmy price rises as exchange reserves plummets

JasmyCoins price rose alongside a jump in futures open interest, which climbed to $24 million from $20 million on Monday. Rising open interest typically indicates growing market liquidity and investor demand.

However, JASMY‘s weighted funding rate has turned negative for the first time since Saturday—a signal that traders expect the token’s future price to decline from current levels.

Jasmy has jumped because of the ongoing crypto market bull run following truce between Iran and Israel. This truce has pushed most cryptocurrencies higher, with the market capitalization rising by 4.60% to over $3.25 trillion.

Jasmy price

technical analysis Jasmy price chart | Source: crypto.news

The daily chart shows that JasmyCoin has been in a prolonged downtrend over the past few months, falling from last years high of $0.0594 to a year-to-date low of $0.0081.

After reaching that low, the token rebounded to $0.02115 on May 14, touching the 23.6% Fibonacci retracement level. Despite the recovery, JASMY remains below both the 50-day and 100-day Exponential Moving Averages.

The price action is slowly forming a potential double-bottom pattern with support around $0.00818 and a neckline at $0.0211.

Therefore, JasmyCoin is likely to retest the $0.00818 support before potentially rebounding toward the neckline at $0.02115. A drop below $0.0081 would invalidate the bullish double-bottom pattern and reinforce a bearish outlook.