The current situation of JasmyCoin (JASMY) in the market. Here are some notable points and additional observations:
Main summary:
1. Bullish trend line:
JASMY still maintains a higher low structure, a positive signal for the long-term trend, despite facing correction pressure.
2. RSI Indicator (Relative Strength Index):
RSI at 58.62 reflects moderate bullish momentum. If RSI approaches level 70, selling pressure may increase due to overbought conditions.
3. MACD (Moving Average Convergence Divergence):
The bullish crossover of the MACD indicates a recovery trend. However, weakening histogram bars warn of a slowdown in upward momentum.
4. Trading volume:
The decrease in volume during the correction phase may signal that market sentiment is waiting for clearer signals regarding the next trend.
Possible scenario:
1. Positive:
• If JASMY holds the support level at $0.83000, the price has the potential to bounce back and move towards the important resistance level at $0.92000.
• Breaking the downward trend line (red line) will reinforce positive sentiment, attracting more buying power.
2. Negative:
• If the price falls below the support level of $0.83000, there is a possibility of a deeper decline, with the next target near $0.75000 or lower.
Trading strategy:
• Buyers:
Wait for confirmation of holding at the support level or breaking resistance $0.92000 before entering a trade.
• Sellers:
Consider taking profit near resistance $0.92000 or opening a short position if the price fails to hold support at $0.83000.
Conclusion:
Although JASMY is in a correction phase, the bullish momentum remains intact. Traders should closely monitor important support and resistance levels, while considering signals from the RSI and MACD to determine the next trend.