The cryptocurrency market has experienced a sharp correction in the past two weeks, following a strong bullish rally that began in early November. During this period, Bitcoin ($BTC ) retraced from its recent all-time high of $108,000 to $94,000. Similarly, JasmyCoin ($JASMY ) has seen a notable pullback. Currently priced at $0.03364, JASMY has fallen by 42% from its high of $0.059 on December 5th, with its 30-day gains now reduced to 35%.
Despite the recent decline, technical analysis suggests a positive outlook for JasmyCoin moving forward.
Breaking a 4-Year Downtrend
JasmyCoin has recently broken above a significant descending trendline that has confined its price since its all-time high (ATH) in 2021. . This development is seen as a strong indication of potential for further price appreciation.
What’s Ahead for JASMY?
In a recent analysis on YouTube, the coin was observed to be forming a "cup and handle" pattern, a well-known bullish reversal setup that suggests a strong upside potential. This pattern could signal the beginning of a sustained upward move for JasmyCoin, with analysts projecting that the coin may target several key retracement levels upon confirming its breakout:
50% Fibonacci at $0.105: This level coincides with a historical consolidation zone and may act as a psychological target for traders.
61.8% Fibonacci at $0.248: Known as the "golden ratio" in technical analysis, this level is a key area of interest for long-term investors.
78.6% Fibonacci at $0.846: Should bullish momentum accelerate, this level represents an ambitious yet achievable long-term target based on the strength of the current breakout and broader market conditions.
The projected chart progression suggests a gradual move through these resistance levels, potentially culminating in a strong rally into mid-to-late 2025.
While short-term volatility remains a factor, the overall market structure for JasmyCoin suggests a solid foundation for growth, especially if Bitcoin and the broader cryptocurrency market continue their upward trajectory in the coming months.
