Top crypto analyst, World of Charts, has shared an optimistic prediction for JasmyCoin (JASMY). He suggests that the token could experience a 2x price increase in the coming weeks.
Moreover, this forecast is based on a detailed analysis of JASMY’s chart. This chart shows a textbook bullish pennant pattern, a key indicator for potential upward movement.
JASMY Bullish Pennant Formation Identified
World of Charts’ analysis highlights a bullish pennant pattern on JasmyCoin’s price chart. This technical setup often appears after a strong upward movement, known as the flagpole, followed by a period of consolidation.
$Jasmy#Jasmy Coin With Strong Community Showing Strength After Long Text Book (Bullish Pennant) On Verge Of Massive Breakout Successful Breakout Can Lead 2x Bullish Wave In Coming Weeks pic.twitter.com/EeDFNdM3OR
— World Of Charts (@WorldOfCharts1) September 27, 2024
The price swings in a limited range during this phase to create convergent lines of support and resistance.
Although the presence of the pennant formation implies that JasmyCoin has momentarily stopped its increasing momentum, the general bullish trend is still intact. Usually, traders see such formations as hinting that the asset would soon start its upward slope again.
Breakout Point and Price Projection
According to the chart shared, JASMY recently broke out of the upper resistance line of the pennant, signaling a potential continuation of the previous bullish trend. Breakouts from bullish pennants are considered key indicators of price movement, often accompanied by increased trading volume.
World of Charts forecasts that JasmyCoin could achieve a 2x price increase from its breakout point. This projection is based on the height of the flagpole, which is applied from the breakout to estimate the potential target.
The target range is clearly marked on the chart with a blue rectangle, suggesting where the price could head in the coming weeks.
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Community Strength and Market Sentiment
World of Charts also emphasizes the strength of the JasmyCoin community, which has been instrumental in maintaining positive sentiment around the token. A strong community backing can play a critical role in supporting bullish trends, especially in a volatile market like crypto.
The prediction of a 2x price increase hinges on the technical analysis and on broader market conditions. If the breakout is supported by increased volume and sustained market interest, JASMY could see the anticipated price surge.
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The post This Crypto Trader Predicts JasmyCoin (JASMY) Price Will Do 2x In ‘Coming Weeks’ – Here’s How appeared first on CaptainAltcoin.
