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New Crossover Highlights JASMY’s Struggle to Break Key Resistance
JasmyCoin (JASMY) has recently experienced a 12% price surge, which has sparked some optimism among investors. However, despite this rally, the cryptocurrency is struggling to break key resistance levels.
As of late, JasmyCoin has been unable to surpass the $0.032 mark, with price action forming a range between $0.032 and $0.04 in December. This resistance level was reinforced after Bitcoin’s sharp decline in January, which sent JASMY plummeting below the crucial $0.032 mark.
While there have been some positive signs, such as an increase in trading volume and higher buying pressure, it remains unclear if this momentum can be sustained. The recent price surge was met with limited speculative activity, with open interest only increasing by 3.4% over a 48-hour period. This lukewarm response from speculators suggests that there is still significant hesitation in the market.
In order to overcome these resistance levels and potentially reverse its fortunes, JasmyCoin will require sustained volume and broader market support. Without this, any potential recovery may be short-lived.
The next few days will be crucial for determining whether JASMY can break free from its recent bearish trend or remain stuck below key resistance levels.
Source: cryptonewsland.com
