Technical Analysis (JasmyCoin / USDT - Weekly Chart)
1. General Chart Review:
• The price appears to have entered a period of sideways consolidation after a long downtrend.
• There is a striking falling channel formation on the chart, and the upper limit of this channel has been tested recently.
2. Target and Prices:
• Goals:
• First target: 0.0320 USDT (Close to resistance zone, profit taking target)
• Second target: 0.0480 USDT (Formation target for the continuation of the upward movement)
• Support Levels:
• 0.0180 USDT (Main support level)
• 0.0150 USDT (Support to be considered in case the formation fails)
3. Support and Resistance Levels:
• Support: 0.0180 USDT stands out as a strong support zone.
• Resistance: 0.0225 - 0.0250 USDT, the critical resistance area that must be overcome for the rise.
4. Indicators:
• Volume: It is important to check for an increase in volume as the price breaks to the upside. Increased volume can support the validity of the breakout.
• RSI (Relative Strength Index): There is a trend to break out of the oversold territory, which could signal a potential rally.
• MACD: If the signal line is trending upwards, this could also be a positive signal for bullish momentum.
5. Formations and Formation Reversals:
• Formation: The falling channel formation is noteworthy. The upward break of the upper limit of this formation may be a sign of an upward movement.
• Formation Reversal: After the upward breakout, the price can be expected to quickly reach the resistance zones.
6. Trend Direction:
• Short-Term Trend: Upward breakout trend after consolidation.
• Medium Term Trend: Transition from sideways to upwards.
• Long-Term Trend: In the recovery phase.
7. Strategy and Recommendations:
• Buying Strategy: If the price stays above the 0.0225 USDT level, buying positions can be evaluated.
• Risk Management: Setting the stop-loss level below 0.0150 USDT may be appropriate for risk management.
• Take Profit: You can consider taking profit at the first target (0.0320 USDT), it is possible to carry the position for the second target.
Conclusion:
• In general, a breakout of a falling channel pattern is a positive sign for an uptrend. However, keep in mind that price needs to breakout of certain resistances and maintain upward momentum. Supportive volume and indicators can increase the validity of the breakout.
