Could not print overlay label value on jqPlot on y axis

I am working with a Jqplot plot chart.
I can print the dotted line which you can see in the image. But I cant print the value of this line from the right side (y-axis)

Here's my code:

grid: {
   backgroundColor: "#fff",
   gridLineColor: '#343339',
   gridLineWidth: 1
   },

   canvasOverlay: {
        show: true,
        objects: [
            {
                dashedHorizontalLine:
                        {
                            name: 'bid value',
                            y: '1.24623',
                            lineWidth: '3',
                            color: 'rgb(100, 55, 124)',
                            yaxis: 'y2axis',
                            lineCap:'butt',

                            shadow: true
                        }}


        ],
         showTooltipPrecision: 0.6,
                            tooltipLocation: 'ne',
                           // fadeTooltip: true,
                           // tooltipFadeSpeed: "slow",
                            tooltipOffset: 4,
                            tooltipFormatString: '%d, %d',
        showTooltip:true
    },

      

        
        
        
      

    

The value keeps changing randomly

Thank you in advance