JasmyCoins price dropped sharply on Tuesday after forming a double-top pattern and amid shifting sentiment in the crypto market.
JasmyCoin (JASMY) fell to an intraday low of $0.035, marking an 11.45% decline from Mondays high
The crash coincided with declines across the broader crypto market. Bitcoin (BTC) slipped below $100,000, while previously hot tokens and meme coins cooled down.
Jasmy, often referred to as Bitcoins Bitcoin, tumbled as futures market momentum faded. Its open interest in futures rose to over $66 million on Monday before retreating to $61.45 million on Tuesday. Open interest has remained within a narrow range in recent days.
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On-chain metrics also paint a bearish picture, with network growth slowing and large transactions dropping by 10%. The number of large transactions fell from 387 in December to just 29, according to data from IntoTheBlock.
Jasmy large transactions count | Source: IntoTheBlock
Additional data from IntoTheBlock shows that new and active addresses have declined by 1.27% and 15%, respectively, over the last seven days. This suggests a drop in demand for the cryptocurrency.
Jasmy price forms a risky pattern
Jasmy chart | Source: crypto.news
JasmyCoins recent price action shows a risky double-top pattern at $0.041. The double-top pattern forms when an asset hits twin peaks with a neckline, which in this case is at $0.031. It is often seen as a sign of a potential reversal.
JasmyCoin has fallen below both the 50% Fibonacci retracement level and the 50-period moving average. It is also trading near the bottom of the Murrey Math Lines range.
There is a risk the token could drop to $0.028, the key support level last seen on December 20. This scenario would be confirmed if JasmyCoin breaks below the ascending trendline linking the lows of Dec. 20 and Jan.1.
The bearish view would be invalidated if JasmyCoin rises above $0.041. A breakout above that level could open the door to more gains, with a possible target at the 23.6% retracement level of $0.050, representing a 38% upside from current levels.
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