JasmyCoin Bulls Eye Short Liquidations: A NY Perspective

JasmyCoin's potential bullish rebound hinges on key liquidity regions and technical indicators, as short liquidations loom. Will the bulls seize the opportunity?

JasmyCoin Bulls Eye Short Liquidations: A NY Perspective

JasmyCoin (JASMY) is flashing some interesting signals, and all eyes are on whether the bulls can capitalize on potential short liquidations. Let's break down what's happening.

Liquidation Heatmap: A Bullish Magnet?

Recent data from Coinglass's liquidation heatmap shows significant short liquidations stacked between $0.0132 and $0.0136, with the highest concentration near $0.0135. These zones act like a magnet, drawing market makers in to trigger stop losses and liquidations. With JasmyCoin currently around $0.01297, it's entering a high-interest liquidation region. Bulls might see this as a prime opportunity for short-term gains.

Technical Indicators: Are We Ready for a Breakout?

The 4-hour chart offers more clues. JASMY is supported just above the 50-period SMA ($0.01296) and 100-period SMA ($0.01290). This crossover usually signals a shift from bearish to bullish momentum. The 200-period SMA at $0.01419 closely matches the upper boundary of the liquidation zone, confirming this as a potential breakout point. The Relative Strength Index (RSI) at 51.78 indicates a neutral trend with upside potential, and the MACD histogram is bullish.

Analyst View: Not Everyone's Convinced

Not everyone's convinced. Analyst Crypto Patel sees a bearish outlook, noting that JasmyCoin was recently rejected from a key Fair Value Gap (FVG) area near $0.01393. Patel suggests a potential drop to $0.01024, or even lower to $0.008 if momentum turns strongly negative. According to Crypto Patel, the price of JasmyCoin was recently rejected from a key area known as the Fair Value Gap (FVG), located near the previous week’s high at around $0.01393. This rejection indicates that the bulls could not push JASMY price beyond this important resistance zone, which has now become a major point of weakness for the coin.

My Take: Proceed with Caution, But Keep an Eye Out

While technicals and liquidation data suggest a bullish scenario, it's crucial to acknowledge the bearish counterarguments. If JasmyCoin can break through the $0.0132-$0.0136 resistance, a move towards $0.0141-$0.0142 (200 SMA) seems plausible, potentially laying the groundwork for a larger rebound. However, failure to maintain support at $0.0128 would invalidate the bullish setup, potentially leading to a drop to $0.0125. The analyst's target of $0.01024 should not be ignored.

The Bottom Line

JasmyCoin's future hangs in the balance. The bulls have a shot if they can trigger those short liquidations and break through resistance. But the bears are lurking, ready to pounce on any sign of weakness. So, keep your eyes peeled, folks. This could get interesting!