The prices of Milady Meme Coin (LADYS) and JasmyCoin (JASMY) experienced a significant drop on Monday, reflecting the overall bearish sentiment in the crypto industry.
LADYS traded at $0.0000001292, marking a 68% decrease from its year-to-date high. Similarly, JASMY hit a low of $0.02757. Upon closer examination, both coins reached key support levels. For Milady Meme Coin, its lowest point on Monday aligned with its previous lowest swings on April 17th and May 15th. In technical analysis, a drop below this level would indicate bearish dominance, potentially leading to further declines.
Jasmy, often referred to as Japan’s Bitcoin, also encountered a crucial support level. Its lowest point at $0.02757 coincided with the 50-day moving average and the highest point in March when Bitcoin reached a record high. Similar to LADYS, a drop below this level could suggest bearish control, pushing the price even lower.
The drop in JASMY and Milady’s prices occurred simultaneously with a decline in open interest in the futures market. According to CoinGlass data, LADY’s open interest stood at $76k on Monday, a significant decrease from its year-to-date high of nearly $1 million.
Open interest serves as a key metric that measures the number of futures contracts held by traders in active positions. Generally, a higher figure is seen as positive within the crypto industry.
Additional data from CoinGecko reveals that the daily trading volume of Milady Meme Coin on all exchanges has plummeted to less than $7 million. Earlier this year, the token’s daily volume averaged over $30 million.
Jasmy exhibits similar trends. Its open interest in the futures market dropped to over $40 million from this month’s high of over $82 million. This current figure represents the lowest since May 27th. Additionally, its daily volume has decreased to $150 million from the month-to-date high of $560 million.
The sell-off of Jasmy and Milady Meme Coin coincided with the decline in the crypto fear and greed index, which has reached a neutral point. Furthermore, this drop aligns with the overall decrease in most cryptocurrencies.
Bitcoin, in particular, has entered a correction phase, dropping over 15% from its highest point this month. Typically, altcoins like Jasmy and Milady experience declines when Bitcoin is in a downward trend.
Analysts hold mixed opinions on whether this decline will persist or if a bullish reversal is on the horizon. As previously mentioned, a renowned analyst has made a case for a Bitcoin and altcoin rebound. Conversely, others, like Peter Schiff, continue to predict further declines in Bitcoin, potentially prompting more altcoin sell-offs.