币界网报道：JasmyCoin [JASMY] is in the news today due to a significant drop in its value over the past 24 hours. According to data from CoinMarketCap, the token has lost 7.1% of its value. In fact, an analysis of the asset’s price action shows that JASMY could be at risk of further decline or rebound from current levels. AMBCrypto analyzes which key market factors could influence the next move of this altcoin. JASMY Hits Key Support Level After Daily DropJASMY’s decline over the past 24 hours was triggered by a rejection at the descending channel resistance level. In fact, the asset has now fallen to a key support area of $0.0124 within the same channel. This area could reverse the current downtrend and could trigger a breakout from the channel. However, if the support level is breached, JASMY could drop by 15% to $0.0120 or further to $0.00822 — a drop of 27%. JASMY’s next move will mostly depend on whether it can hold this support level or break below it, leading to another drop. Technical Indicators Flash Bearish SignalsAt the time of writing, the altcoin’s technical indicators hint that JASMY has more downside in the coming sessions. For instance – the Relative Strength Index (RSI) dropped to 41.81, falling into bearish territory. The bearish zone on the RSI is usually between 30 and 50 and has historically been associated with market downtrends. Similarly, the Chaikin Money Flow (CMF) has also turned negative, dropping to -0.06 on the chart. Here, the CMF measures buying and selling pressure based on volume flow. A negative reading suggests that selling volume has been dominating buying activity. This combined drop in the RSI and CMF hints at greater selling pressure, suggesting that the price of JASMY could continue to fall. Will the bulls defend the support or will there be another breakdown? However, despite these bearish technical indicators, the spot and derivatives markets hint at bullish sentiment. In fact, data from CoinGlass shows that JASMY has seen positive exchange net inflows over the past 24 hours. $235,000 worth of tokens were transferred from exchange wallets to private wallets. This trend is a sign of accumulation and helps JASMY maintain its current time support level. Bullish sentiment also seems to be evident in the derivatives market. The open interest weighted funding rate has returned to positive territory for the first time in a while. Its current time reading is 0.0009%, which means that long positions have been gaining dominance recently. If the accumulation in the spot and derivatives markets continues, it may help JASMY maintain its current time support level and even trigger a stop-chasing scenario to liquidate shorts before a rebound. However, if the selling pressure continues to dominate, JASMY may see a broader price decline to the previously predicted levels.