Jasmy price has moved sideways in the past few days as the recent recovery phase has ended. The token was trading at $0.0145 on Monday, up sharply from the year-to-date low of $0.00825. This article examines whether JasmyCoin is a good token to buy on a dip as whales sell their tokens.
JasmyCoin Whales are Selling Their Tokens
On-chain data shows that whales or large holders have continued selling their tokens, a sign of capitulation following the recent crash from $0.060 to $0.015.
Santiment data shows that the supply held by top addresses has dropped to 16.8 billion tokens, down from 18.6 billion in December. The supply held by these addresses as a percentage of the total supply has dropped to 33.6%, down from 38% a few months ago.
These numbers mean that these large investors, also known as whales, have continued to reduce their holdings. Another figure shows that the network realized profit/loss has remained in the negative zone. This is a sign that some investors are selling at a loss.
On a positive note, the 2Y Mean Dollar Invested Age (MDIA) of Jasmy has continued to soar, now standing at a record high of 244.6. This is a popular metric that looks at the average age of a dollar invested in Jasmy. This indicates that older investors are not selling their tokens.
Additionally, the number of JASMY tokens on exchanges has decreased by 1% over the last seven days to 15.96 billion coins. A decline in tokens on centralized exchanges is usually a good thing since it signals that many people are holding their tokens in their wallets.
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JASMY Price Technical Analysis
JASMY token chart | Source: TradingView
The daily chart shows that the JASMY price bottomed at $0.00826 and then rebounded to $0.0145. It is hovering near $0.016, which was the lowest swing recorded in November of last year.
The coin has moved slightly above the 50-day moving average, a bullish sign. Most importantly, it has formed a falling wedge pattern, a popular positive sign. Oscillators like the Relative Strength Index (RSI) and the Awesome Oscillator have pointed upwards.
Therefore, the token is likely to continue rising as bulls target the key resistance point of $0.020, which is the 23.6% Fibonacci Retracement level. After that, it will rise to the psychological point of $0.025, which is about 72% above the current level. A drop below the $0.013 support level would invalidate the bullish view.
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