Bear Market Bites: JASMY and ADA Plunge, Technicals Flash Red

The cryptocurrency market continues to face challenges, with JasmyCoin (JASMY) and Cardano (ADA) experiencing significant price declines recently. JasmyCoin’s price plunged by over 28% in a single day, driven by intense selling pressure. Cardano (ADA) also experienced substantial losses, with its price falling by more than 18%.

JASMY’s dramatic fall highlights the intense selling pressure in the market. The coin is trading at $0.01642, down 28.34% in the past 24 hours. The market cap stands at approximately $833.74 million, with a 24-hour trading volume of $257.68 million, indicating a 70.39% increase in trading activity.

Technical analysis reveals that JasmyCoin is trading below its 20-day Simple Moving Average (SMA) and has experienced a significant decline in its Relative Strength Index (RSI), now at 26.56. This suggests that the coin is currently oversold, reflecting bearish market sentiment. The Bollinger Bands indicate increased volatility, with the price approaching the lower band. Key support levels for JasmyCoin include the current trading level around $0.01642 and the near-term support at $0.0122. On the resistance side, the 20-day SMA level around $0.0270 and the upper Bollinger Band around $0.033 serve as potential barriers if the price attempts a rebound.

The drop in ADA’s price has triggered a death cross on Cardano’s short-term charts, a bearish signal where the 50-period moving average crosses below the 200-period moving average. The death cross suggests that ADA may face further declines, adding to the market’s overall negative sentiment. ADA fell to $0.2908, marking an 18.10% decline. The market cap for Cardano has dropped to $10.54 billion. Notably, the trading volume for Cardano spiked by 225.84% to $929.54 million.

Bollinger Bands for Cardano reveal heightened volatility, with the price touching the lower band, suggesting further downward pressure. Key support levels for Cardano are around $0.2738 and $0.2399. On the resistance side, the 20-day SMA at $0.4005 and the upper Bollinger Band at $0.4730 are significant levels to watch.

Cardano’s founder, Charles Hoskinson, remains optimistic about the future of cryptocurrencies despite the current market conditions. He believes that only the “real cryptocurrencies” with inherent utility and integrity will withstand the ongoing market storm. Hoskinson argues that these cryptos will recover and thrive, while fiat currencies and less robust digital assets will struggle.

Moving forward, JasmyCoin and Cardano tokens will face the litmus test in shaping market expectations and investor confidence in the middle of a bearish momentum.