JasmyCoin (JASMY) experienced a roughly 15% price increase over the past day, driven by a 48% surge in market volume to $68 million. The bullish momentum was supported by a positive Long/Short Ratio on major exchanges like Binance, along with a 30% rise in Open Interest to $35.24 million and a positive Funding Rate of 0.0183%, indicating fresh capital inflow and expectations for further gains. However, Smart Money has turned bearish on the asset, anticipating a downturn. This is reinforced by profit-taking in the Spot market, where $3.79 million has been sold, resulting in a $412,710 netflow, suggesting continued selling could weigh on JASMY’s near-term performance.
JasmyCoin (JASMY) recorded gains of roughly 15% in the past day. Trading volume surged by 48% to $68 million, reflecting active buying.
This bullish activity was concentrated on major exchanges including Binance, Bybit, KuCoin, and Gate. Whenever the Long/Short Ratio has a reading above 1, it suggests there is more bullish volume in the market, and investors are likely to continue pushing the asset’s volume higher, according to the data, which showed Binance’s ratio at 1.58 and top traders at 1.83.
Analysis of the perpetual market showed a growing capital inflow. Open Interest surged 30% to $35.24 million, meaning roughly $10.57 million entered the market in 24 hours.
The Funding Rate turned positive at 0.0183%, signaling trader expectations for further appreciation. The data suggested the inflow and Funding Rate were moderate, indicating the market outlook is likely to maintain its current outlook.
A major concern is the positioning of Smart Money, which has turned bearish against the prevailing trend. Smart Money, which often makes profitable bets, is presently bearish on the asset and anticipates a decline.
In the Spot market, profit-taking activity was recorded, with $3.79 million sold compared to buying. The netflow currently sits at $412,710.
The data highlights that when there is a massive outflow like this, especially one that has lasted for days, the selling pressure becomes more significant. This selling has dominated over the last 30 days. The analysis states that continued selling could significantly weigh on the asset’s near-term performance.
