On Monday, Milady Meme Coin (LADYS) and JasmyCoin (JASMY) experienced significant price drops, reaching key support levels amidst a broader market downturn. LADYS fell to $0.0000001292, a 68% decline from its year-to-date high, while JASMY dropped to $0.02757. These declines have raised concerns among investors, as both cryptocurrencies are now at critical junctures that could signal further bearish trends.

Technical Analysis: Key Support Levels

Milady Meme Coin’s recent low coincides with previous lows observed on April 17th and May 15th. In technical analysis, a drop below this support level typically indicates a bearish trend, potentially leading to more significant downside movements.

Similarly, JasmyCoin, often referred to as "Japan’s Bitcoin," has reached a crucial support level at $0.02757. This price point aligns with the 50-day moving average and the highest point recorded in March when Bitcoin hit a record high. A drop below this level could suggest that bears have taken control, likely pushing the price lower.

Decline in Futures Open Interest

The price drops for JASMY and Milady come at a time when their open interest in the futures market has significantly decreased. According to CoinGlass, LADYS’ open interest dropped to $76,000 on Monday, down from nearly $1 million earlier this year. Open interest is a key metric that measures the number of active futures contracts held by traders. A higher figure generally indicates a healthy market sentiment.

For Milady Meme Coin, daily trading volume across all exchanges has plummeted to less than $7 million, compared to over $30 million earlier in the year.

JasmyCoin shows similar trends, with its futures market open interest dropping to $40 million, down from a recent high of over $82 million. This current figure is the lowest since May 27th. Additionally, JASMY’s daily trading volume has decreased to $150 million from a month-to-date high of $560 million.

Broader Market Context

The sell-off in JASMY and Milady Meme Coin is occurring alongside a drop in the crypto fear and greed index to a neutral point. This decline in sentiment has been mirrored by a broader drop in cryptocurrency prices. Bitcoin, for instance, has entered a correction phase, falling over 15% from its highest point this month. Historically, altcoins like Jasmy and Milady tend to follow Bitcoin’s downward trends.

Mixed Analyst Opinions

Market analysts have varied opinions on the future trajectory of these cryptocurrencies. Some, including popular analysts, suggest that Bitcoin and other altcoins may rebound. Conversely, critics like Peter Schiff predict that Bitcoin could continue to decline, leading to further sell-offs in the altcoin market.

As Milady Meme Coin and JasmyCoin hit critical support levels amidst a drop in open interest and broader market declines, the crypto community is watching closely. Whether these levels hold or break will likely determine the near-term direction for these tokens. Investors should remain cautious, considering the technical signals and broader market sentiment, as they navigate the volatile landscape of cryptocurrencies.