JASMY has continued its recent rebound, recovering nearly three months of losses. Although spot buying continues to strengthen, prices have entered a clear selling pressure zone, and short-term market divergence is emerging.
Price enters key selling pressure zone
From the price action, JASMY's current price level shows a significant accumulation of potential sell orders. Such price ranges often trigger profit-taking, thus suppressing upward momentum. The text mentions that initial selling pressure signals have appeared as the price approaches resistance, indicating that the resistance above is strengthening.
If selling pressure continues to increase, JASMY may first fall back to the first support area to see if buyers can take over again. If the pullback widens further, the price may test a lower support level before seeking stabilization.
Volatility indicators suggest a short-term bias towards overbought conditions.
Some technical signals indicate that JASMY's current price is above its relative equilibrium level. Bollinger Band data shows that the price has reached near the upper band, an area that typically corresponds to a short-term overbought condition, often followed by a period of consolidation.
However, buying power has not weakened significantly yet. The Bull Bear Power indicator remains bullish, and the histogram strength has reached its highest level since January 9th of this year, reflecting strong buying activity in the market.
The perpetual contract market has turned cautious.
Compared to the strong performance of the spot market, perpetual contract traders have become more conservative. Data shows that open interest increased by 32% to nearly $33 million, indicating a significant increase in leveraged positions.
At the same time, funding rates turned negative and fell to 0.0276%. This typically indicates that short positions in perpetual markets are increasing, and some traders are beginning to prepare for a price pullback.
If leverage continues to rise while selling pressure eases further, JASMY's short-term volatility may increase. Overall, the current trend still has buying support, but resistance above and defensive positioning in the derivatives market are increasing the probability of a pullback.
