Milady Meme Coin and JASMY garner backing amid declining open interest
On Monday, the cryptocurrency market was awash in red, with **Milady Meme Coin (LADYS)** and **JasmyCoin (JASMY)** experiencing a significant decline to pivotal support levels. LADYS saw its value plummet to $0.0000001292, marking a steep 68% fall from its peak this year, while JASMY dipped to a low of $0.02757. A detailed examination reveals that both cryptocurrencies have reached critical support levels. For instance, Milady Meme Coin’s nadir on Monday matched its previous lows on April 17th and May 15th. According to technical analysis, breaching this threshold could indicate a bearish takeover, potentially triggering further declines.
**Milady Meme Coin price chart**
Similarly, JasmyCoin, often dubbed as the ‘Bitcoin of Japan,’ also encountered a significant support level. Its Monday low of $0.02757 aligned with the 50-day moving average and mirrored the peak in March when Bitcoin surged to unprecedented heights. A fall beneath this point for JASMY could suggest bearish dominance, leading to additional losses.
**Futures open interest has declined**
The price movements of JASMY and Milady coincide with a decrease in their futures market open interest. CoinGlass data indicates that LADYS’s open interest was at $76k on Monday, a drop from the year’s high of nearly $1 million. Open interest, which gauges the total number of futures contracts held in active positions by traders, is a crucial indicator in the crypto sphere, with higher numbers generally viewed favorably.
CoinGecko’s figures further show that Milady Meme Coin’s daily trading volume across all exchanges has dwindled to under $7 million. Earlier in the year, the coin’s daily trading volume was consistently above $30 million.
JasmyCoin exhibits parallel trends. Its futures market open interest has fallen to just over $40 million, down from the month’s peak of over $82 million. This figure represents the lowest point since May 27th, and its daily trading volume has decreased to $150 million from the high of $560 million seen earlier in the month.
**Jasmy open interest**
The sell-off of Jasmy and Milady Meme Coin aligns with the crypto fear and greed index’s descent to a neutral stance, amid a broader downturn in the cryptocurrency market.
**Bitcoin**, for instance, has entered a correction phase, dropping more than 15% from its monthly zenith. Typically, altcoins like Jasmy and Milady tend to follow Bitcoin’s lead, declining during its bearish phases.
Market analysts are divided on the future trajectory of these cryptocurrencies. Some, including a notable analyst, have argued for a potential rebound of Bitcoin and other altcoins. Conversely, figures like Peter Schiff maintain a bearish outlook, suggesting that Bitcoin’s continued decline could precipitate a broader sell-off among altcoins.
