Getting further into 2024, traders are looking at price trends and key levels for JasmyCoin (JASMY) and VeChain (VET). Both tokens have been up and down in recent days, with JasmyCoin consolidating after going up and VeChain trending downward.
JasmyCoin (JASMY): Price Consolidation Amidst Key Resistance Levels
JasmyCoin is currently priced at $0.01914, and its recent price action reflects a period of consolidation. Over the past 24 hours, the coin’s price has oscillated between a low of $0.01907 and a high of $0.0193. The price briefly climbed but soon stabilized, highlighting the market’s cautious approach.
Source: Coinmarketcap
Support for JasmyCoin lies around $0.01907, a level where the price bounced earlier in the day. However, a stronger support zone could be found near $0.0188, a level likely to provide a buffer if selling pressure increases.
Meanwhile, the price faces a challenge at $0.0193, which it hasn’t been able to pass. There is also resistance around $0.0195, a psychological barrier that could cause more selling if it’s reached.
Technical Indicators Show Potential Weakness in JasmyCoin
The short-term trend for JasmyCoin suggests a neutral stance as the price remains in a consolidation phase. However, declining 24-hour trading volume, down by 14.44%, indicates limited market participation.
JASMY/USD 1-day price chart, Source: Trading view
A low RSI reading of 42.42 suggests the asset is approaching oversold territory, potentially setting up for a reversal. The MACD indicator also shows bearish momentum as it trades below the signal line, hinting at further downward pressure unless a positive catalyst emerges.
If JasmyCoin can break above the $0.0193 resistance, it may try to push toward $0.0195 or higher. But if it cannot hold the $0.01907 support, the price could drop toward $0.0188, leading to further declines.
VeChain (VET): Struggling to Break Free from a Downtrend
VeChain, currently priced at $0.02245, has been caught in a clear downtrend over the past 24 hours. The price has fluctuated between a low of $0.02229 and a high of $0.02297, with the asset attempting several small recoveries, but ultimately failing to break higher.
Read also: VeChain (VET) Surges 11% in a Week: Analysts Predict Further Gains
Source: Coinmarketcap
The immediate support for VeChain is at $0.02229, a level where the price has bounced during the day. There could be support around $0.02200, which could help if bearish sentiment gets stronger. Resistance is at $0.02297, with stronger resistance at $0.02300, a crucial barrier that could cause sell pressure if the price gets close to it.
Market Weakness Evident in VeChain’s Indicators
VeChain’s short-term outlook remains bearish, as reflected in its 2.27% loss in the past day. Also, a 17.85% drop in trading volume suggests a lack of enthusiasm among traders, which is contributing to the weak price action.
VET/USD 1-day price chart, Source: Trading view
The RSI stands at 45.26, indicating that the asset is neither overbought nor oversold. However, the MACD trading below the signal line signals that bearish momentum is currently dominant.
For VeChain to regain positive momentum, it must break above $0.02297 and retest $0.02300. Failing to hold support at $0.02229 could drive the price down to $0.02200 or lower, risking further declines if bearish pressure intensifies.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
