- Lookonchain reported this morning that a whale transferred more than 700 million JASMY to Gate.io.
- At press time, JASMY was trading at $0.0004454 following a 0.49% price rise.
- JASMY’s price could fall in the next few days as a bearish pattern has formed on its daily chart.
The on-chain analytics form, Lookonchain, revealed in a tweet earlier today that a whale has transferred millions of Jasmy Coin (JASMY) to an exchange. According to the post, a whale who calls himself “Jasmy Deployer” deposited more than 700 million JASMY, worth around $3.43 million, to Gate.io just a few hours ago.
This particular whale is a big player in the crypto space as it held almost 5% of JASMY at the start of June. As such, any move made by the whale may be reflected in the price of the altcoin.
There could be a price drop in the near future for JASMY as the whale may look to offload some of its holdings. If this transfer is related to market making, however, then the possible price descent may not be too drastic.
Meanwhile, CoinMarketCap indicated that JASMY was one of the few cryptos that was able to see its price rise over the past day of trading. At press time, the altcoin was trading at $0.0004454 after a 0.49% price increase. This ended up pushing JASMY’s weekly performance even further into the green at +16.28%.
The crypto’s 24-hour trading volume saw an increase of more than 160% over the last day. As a result, the altcoin’s volume stood at around $55 million. Ever since reaching its all-time high of $4.99 in February of 2021, JASMY’s price has slipped by more than 99% to trade at its current level.
Daily chart for JASMY/USDT (Source: TradingView)
From a technical perspective, an ascending wedge chart pattern formed on JASMY’s daily chart. This chart pattern is a bearish pattern and, if validated, will result in JASMY’s price dropping in the next 24-48 hours. Should this happen, the altcoin’s price may fall to the next crucial support level at $0.003891.
However, if JASMY’s price is able to close today’s daily candle above the key resistance level at $0.004478, then the bearish thesis may be invalidated and JASMY’s price may continue to rise in the next 48 hours.
Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.
The post JASMY Faces Price Drop as Whale Deposits 700+ Million Tokens appeared first on Coin Edition.