Milady Meme Coin (LADYS) and JasmyCoin (JASMY) experienced a significant drop in prices on Monday, reflecting the overall bearish sentiment in the cryptocurrency market. LADYS was trading at $0.0000001292, marking a 68% decline from its year-to-date high. On the other hand, JASMY hit a low of $0.02757. Both coins reached key support levels, indicating a potential further downside.
Taking a closer look at the price charts, Milady Meme Coin’s lowest point on Monday aligned with its previous lows on April 17th and May 15th. If the price falls below this level, it could signal a bearish trend, leading to more selling pressure. Similarly, JasmyCoin dropped to a critical support level at $0.02757, which also coincided with the 50-day moving average. A breach of this level could result in a continuation of the downward trend.
The decline in prices of LADYS and JASMY is accompanied by a decrease in open interest in the futures market. LADY’s open interest dropped to $76k, significantly lower than its year-to-date high of nearly $1 million. Similarly, Jasmy’s open interest fell to over $40 million from this month’s peak of over $82 million. These figures suggest a decline in trader participation and confidence in the future price movements of these coins.
CoinGecko data reveals a substantial decrease in the daily trading volume of Milady Meme Coin, dropping to less than $7 million from over $30 million earlier this year. Jasmy’s daily volume also saw a decline to $150 million from the month-to-date high of $560 million. These dwindling trading volumes indicate a lack of interest and activity in these coins, contributing to the overall bearish sentiment in the market.
The sell-off in Jasmy and Milady Meme Coin coincides with the broader downturn in the cryptocurrency market, as seen in the neutral position of the fear and greed index. Bitcoin, the leading cryptocurrency, has entered a correction phase, dropping by more than 15% from its recent high. Historically, altcoins like Jasmy and Milady tend to follow Bitcoin’s price movements, often experiencing amplified losses during a market-wide decline.
Market analysts have conflicting views on the future direction of these altcoins. While some anticipate a potential rebound in Bitcoin and other cryptocurrencies, others, like Peter Schiff, predict further downside for Bitcoin, which could trigger additional sell-offs in altcoins. Schiff’s recent tweet highlighted the selling pressure on MicroStrategy shares, suggesting a possible shift in trading strategies among hedge funds.
In conclusion, the recent price action of Milady Meme Coin and JasmyCoin reflects the challenging market conditions facing the cryptocurrency industry. The decline in prices, open interest, and trading volumes indicate a lack of confidence and interest from market participants. Traders and investors should closely monitor the evolving market dynamics and adjust their strategies accordingly to navigate these uncertain times.