JasmyCoin is under pressure after breaking its 12-month support level, causing concern in the community.
Current State of JasmyCoin
JasmyCoin's price dropped 12% from its support level of $0.01256 to $0.01103. This initiated some buying pressure, creating a long lower wick on the daily candlestick, indicating buyers are not fully retreating.
Key Levels and Their Importance
A strong daily close above the former support could be a positive signal for investors. Closing the week above this level would increase optimism. Otherwise, continued weakness could lead to further sales, with the next target at $0.00848.
Potential Risks and Opportunities
Breaking well-established levels often triggers stop-loss orders, accelerating the price decline. Reclaiming support could return the token to consolidation. Better market sentiment or a rising Bitcoin price could aid JASMY's recovery.
JasmyCoin is at a critical juncture. The outcome will depend on how it navigates key support and resistance levels and overall market conditions.
