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Price activity in the JASMYUSDT daily market experienced a downward rejection today after rebounding off a support level of $0.03308 over the past two sessions. It appears that this significant price upside move has caused price action to hit some take-profits. Consequently, this has introduced a rejection into this market in today’s trading activity so far.
JASMYUSDT Price Pullback Yet to Gain Significant Traction
While the mentioned rejection can be noticed in the JASMYUSDT daily market, price action still has the potential to move upwards. The last price candle on this chart appeared as an inverted hammer, which technically indicates a possible pullback in this market.
However, the token is trading at a considerable distance above the Exponential Moving Average (EMA) curves, suggesting that the upside correction may continue as long as the pullback stays above the 20-day EMA line. Meanwhile, the Moving Average Convergence Divergence (MACD) indicator lines are still turning sideways, and the bars remain pale red, suggesting that headwinds may not be gaining much momentum at the moment.
JASMYUSDT Bulls Look Exhausted But May Continue Marching Upwards
The JASMYUSDT market on a 4-hour chart has revealed the activity of bullish forces more clearly. Recent sessions have shown that upside forces have been dominant, bringing moderate profits. However, today’s trading activity has printed minimal downward corrections at a significant distance above the EMA line.
Simultaneously, the MACD indicator isn’t suggesting that bullish forces are exhausted yet. The MACD lines continue to move upwards while the bars remain solid green, and the MACD lines are converging below the price actions. Consequently, this hints that traders may still use the pullback to capitalize on bullish crypto signals targeting around the $0.04200 mark.
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