Jasmy price rises as exchange reserves plummets

JasmyCoin price rallied for the second consecutive day as the crypto market bounced back following the ceasefire between Iran and Israel.

JasmyCoin (JASMY) rose to $0.0145 on June 24, its highest level since June 12 and approximately 40% above this month’s low. The rebound pushed its market capitalization to over $695 million, while its 24-hour trading volume surged 144% to more than $102 million.

Third-party data shows that Jasmy’s supply on exchanges has been in a steady decline over the past few weeks. Exchange balances fell by 2.33% in the last 30 days, dropping from 16.32 billion on May 26 to 15.9 billion.

JasmyCoin’s 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

The daily chart shows that JasmyCoin has been in a prolonged downtrend over the past few months, falling from last year’s 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.