- JasmyCoin shows hidden bullish divergence, signaling the potential for price rebound.
- Derivatives data shows decreased trading volume and slightly bearish market sentiment.
- Analysts predict a modest price range for JasmyCoin, between $0.0201 and $0.0224.
JasmyCoin ($JASMY) recently demonstrated a hidden bullish divergence on its 2-hour chart. This signals that there is underlying strength within the asset’s price movement, even though it has experienced a minor pullback.
While these short-term declines could indicate that there is likely still opportunity near term for traders, the technical indicator indicates a potential price rebound. This shift in momentum reflects the potential for JasmyCoin to regain upward momentum.
Current Price and Market Conditions
At the time of writing, JasmyCoin stands at $0.04126, with a 24-hour trading volume of approximately $548.99 million. Over the last 24 hours, the crypto faced a modest decline of 0.22%.
However, despite this slight drop, the hidden bullish divergence on the 2-hour chart points to ongoing internal strength. This indicates that traders might anticipate a rebound or at least stabilization in the coming period.
Derivatives Market Activity and Sentiment
As per Coinglass data JasmyCoin’s trading volume has seen a significant decrease, dropping by 35.90%. The current volume is now at $346.21 million.
The Open interest has also decreased, falling by 7.96% to $79.69 million. The current long/short ratio over the past 24 hours is 0.9361, indicating a slightly bearish sentiment in the market.
On Binance, the long/short ratio shows more bullish tendencies, with a ratio of 2.0826 for accounts and higher ratios for top traders, at 2.3921 for accounts and 2.0102 for positions. This suggests that major traders are currently leaning toward bullish activity, which contrasts with the slightly bearish outlook from the broader market.
Liquidation Data and Price Outlook for 2024
In the past 24 hours, a total of $731.27K in liquidations occurred, with $580.67K coming from long positions and $150.61K from shorts. Interestingly, while short positions frequently liquidated, the longs dominated. Further, in the 12-hour window, longs dominated with $120.22K while shorts witnessed $74.7K.
According to Changellyblog analyst, the price range of JasmyCoin in 2024 could be relatively low. The minimums expect a price of $0.0201 with the maximums at $0.0224. Monthly volatility is predicted to remain minimal, predicting an average trading price at around $0.0210.
