JasmyCoin breaks descending trendline, testing $0.0220 as support, with a target of $0.0957.
Fibonacci retracement highlights $0.02118 as critical support; resistance at $0.02639 could unlock further bullish momentum.
Stochastic RSI suggests overbought conditions, indicating potential consolidation before testing key resistance levels.
According to analyst Captain Faibik, JasmyCoin (JASMY) recently broke above a long-standing descending trendline. The breakout occurred after a prolonged downtrend that began in May 2024, with JASMY forming lower highs.
https://twitter.com/CryptoFaibik/status/1862010494808158508
A horizontal support level near $0.0150 served as a strong base during this bearish period. With the price now moving above the $0.0220 resistance, attention has shifted to its potential for a major upward rally.
Horizontal Support and Breakout Confirm Momentum
JASMY has tested the $0.0150 horizontal support level multiple times since August 2024, consolidating within a range that extended to $0.0220. This range provided a solid foundation for buyers, leading to the recent breakout. The upward movement suggests renewed momentum, with $0.0220 now acting as immediate support.
The price projection highlights a target near $0.0957, representing a major 799.76% gain from the breakout level of approximately $0.0210. Monitoring the $0.0290 resistance level is crucial since it could be the next hurdle before further upward movement.
Key Indicators Reinforce Bullish Outlook
A chart based on the 4-hour timeframe utilizes Fibonacci retracement levels and a descending trendline to assess key price levels. The retracement levels, drawn from $0.01598 to $0.02961, identify $0.02118 as a critical support area. This level aligns with the 0.618 Fibonacci retracement, which has historically provided stability during retracements.
Source: CryptoRank
The descending trendline, spanning from the $0.02961 high to current levels near $0.02500, is approaching a test. A breakout above this line, along with the 0.236 Fibonacci resistance at $0.02639, could drive JASMY toward its previous high of $0.02961.
Stochastic RSI Indicates Overbought Conditions
The Stochastic RSI currently is at 79.91, suggesting overbought conditions. This signals a possible consolidation or retracement if buyers lose strength. However, bullish trends often sustain elevated RSI levels, which could support continued upward movement if key resistance levels are cleared.
Traders are advised to monitor price action at $0.02639 and the descending trendline for confirmation of further upward momentum. Meanwhile, critical support levels at $0.02118 and $0.01889 remain important for maintaining the bullish structure.
