JasmyCoin rallies 15% despite lurking bears: Can JASMY’s strength hold?

Key Takeaways

JASMY’s rally comes despite 9 out of 15 exchanges showing higher selling volume than buying in the past 24 hours. For now, the altcoin’s next move remains uncertain.

In the past day, JasmyCoin [JASMY] has surged 15%, pushing its monthly gain to 62%, a reflection of continued bullish sentiment. However, market data reveals conflicting signals.

Although most derivatives contracts remain bullish, selling volume over the past day has stayed elevated. AMBCrypto examines the likelihood of JASMY’s next move.

Liquidity inflows heighten, but bearish signals emerge

There’s been a notable increase in liquidity entering the derivatives market over the last 24 hours.

According to CoinGlass, $8.42 million in new capital flowed into JASMY’s derivatives market, a 14% increase in Open Interest, which stood at $56.86 million at press time.

Source: CoinGlass

Open Interest measures the total dollar value of unsettled contracts in the derivatives market over a period. A surge typically suggests more contracts are being opened and is often interpreted as a sign of renewed market participation.

While this might appear bullish, especially in light of the price rally, AMBCrypto identifies a more complex dynamic.

Volume shift hints at bearish pressure

Despite the liquidity inflow, data indicates a bearish tilt.

According to the Long-to-Short ratio data, which tracks the distribution of volume in derivatives markets, only 48% of contracts were long while 52% were short during this period.

Source: CoinGlass

Interestingly, 9 of the 15 centralized exchanges tracked showed more buying than selling volume. Yet, overall, short volumes dominated.

This suggests that sellers drove most of the liquidity flowing into JASMY contracts, hinting at a possible short-term pullback.

Adding to the pressure, spot investors also engaged in moderate sell-offs, totaling approximately $2.86 million worth of JASMY.

If this trend continues, the pullback could extend deeper than expected.

Still bullish—But for how long?

If derivatives show higher selling pressure, why has JASMY continued to rally?

Source: CoinGlass

Broad market sentiment remains bullish.

For instance, the derivatives market still shows a positive Funding Rate of 0.0131%, indicating that long-position holders are paying a premium—typically a sign of ongoing bullish trends.

Additionally, the Open Interest Weighted Funding Rate—which combines both Open Interest and Funding Rate for a more accurate signal—remains in positive territory and at a relatively high level.

Source: CoinGlass

This suggests that while JASMY may temporarily cool off from its recent 15% rally, it is likely to resume an upward trend in the short to medium term.