Milady Meme Coin and JASMY hits support as open interest drops

Milady Meme Coin (LADYS) and JasmyCoin (JASMY) prices dropped to key support levels on Monday as a sea of red spread in the crypto industry.

LADYS traded at $0.0000001292, 68% lower than the YTD high while JASMY hit a low of $0.02757. A closer look at their performance shows that they dropped to key support levels. As shown below, Milady Meme Coin’s lowest point on Monday coincided with its lowest swings on April 17th and May 15th. In technical analysis, a drop below that level would signal that bears have prevailed, which could lead to more downside. 

Milady Meme Coin price chart

Jasmy, popularly known as Japan’s Bitcoin, also dropped to 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 soared to a record high. As with LADYS, a drop below that level could be a sign that bears have prevailed, which will push it lower.

Futures open interest has dropped

JASMY and Milady’s price movement has happened at a time when their open interest in the futures market has dropped. Data by CoinGlass shows that LADY’s open interest stood at $76k on Monday, down from the year-to-date high of almost $1 million. 

Open interest is an important metric that looks at the number of futures contracts held by traders in active positions. A higher figure is typically seen as a positive thing in the crypto industry.

Additional numbers by CoinGecko shows that the daily Milady Meme Coin traded in all exchanges has dropped to less than $7 million. Earlier this year, the token’s daily volume was averaging over $30 million. 

Jasmy is showing similar fundamentals. Its open interest in the futures market dropped to over $40 million, down from this month’s high of over $82 million. The current figure is the lowest it has been since May 27th. Its daily volume has dropped to $150 million from the month-to-date high of $560 million. 

Jasmy open interest

Jasmy and Milady Meme Coin’s sell-off has coincided with the ongoing drop of the crypto fear and greed index to the neutral point. It has also happened as most cryptocurrencies dropped. Bitcoin has moved into a correction as it dropped by over 15% from its highest point this month. In most cases, altcoins like Jasmy and Milady drop when Bitcoin is in a downward trend.

Analysts have mixed opinions on whether the decline will continue or a bullish reversal will happen. As I wrote earlier on, a popular analyst has made the case for a rebound of Bitcoin and other altcoins. Others like Peter Schiff have continued to predict that Bitcoin could continue falling, a move that will lead to more altcoin sell-off.