JasmyCoin (JASMY) surged 9.88%, showing a potential trend reversal with an inverse head-and-shoulders pattern on the price chart.
Increased trading volume during notable price movements highlights heightened trader interest and bullish market sentiment.
The key resistance level at 0.031839 USDT is being tested, with potential to reach 0.055289 USDT if trading volume surges further.
JasmyCoin (JASMY) has recently seen a remarkable surge in its market performance. With a current market capitalization of $1.6 billion and a 24-hour trading volume of $145 million, JasmyCoin has ascended to the 53rd spot in the global cryptocurrency rankings.
The recent developments in its price movements and trading patterns highlight a potential shift in market sentiment.
$JASMY is ON FIRE! Currently a 1.6 BILLION market cap, 145 MILLION in 24 hour volume, and the #53 ranked #Crypto in the world. SEND IT! #JASMY pic.twitter.com/YyZ7akZm0g
— Mr. Diamondhandz1 (@MrDiamondhandz1) July 27, 2024
Price Levels and Movements
At press time, Jasmy was trading at $0.03179 USDT, marking a substantial increase of 0.002863 USDT, or 9.88%, in value. This uptick reflects heightened interest and activity among traders. Analyzing the price chart reveals an inverse head-and-shoulders pattern, suggesting a potential reversal from a downtrend to an uptrend.
Source; STEPH IS CRYPTO on X
This pattern features three distinct lows, with the middle low (the head) being the lowest, flanked by two higher and roughly equal lows (the shoulders). The neckline of this pattern is at the current price level, indicating a critical point for further price movement.
Resistance and Target Price
The neckline at 0.031839 USDT is a crucial resistance level being tested. If JasmyCoin breaks above this level with increased trading volume, it could signal the completion of the inverse head-and-shoulders pattern. The potential target price, derived from the height of the pattern, is approximately 0.055289 USDT.
This projection involves measuring the distance from the head to the neckline and projecting it upwards from the breakout point. Although volume data is not explicitly shown, a surge in trading volume at this juncture would bolster the likelihood of reaching this target price.
Volume and Confirmation
Despite the absence of detailed volume data, the price chart suggests increased trading activity during significant price movements. Notably, the current upward trend has been accompanied by periods of heightened trading volume, particularly during spikes.
For instance, a recent price peak at 0.055289 USDT indicates strong buyer interest and bullish sentiment. The 4-minute interval setting of the chart highlights short-term fluctuations, further emphasizing the current positive trend.
Source; CoinMarketCap
JasmyCoin’s price has shown resilience and a strong upward trend over the past day, with a notable rise from 0.02881 USD to 0.033 USD. The increasing volume during this period highlights growing market confidence.
Although crypto markets are inherently volatile, the current momentum and patterns suggest that JasmyCoin may continue its upward trajectory in the near term.
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The post JASMY Surges with $1.6B Market Cap and 9.88% Spike, Eyes Bullish Reversal appeared first on Crypto News Land.
