Date: Sat, Dec 28, 2024, 09:51 AM GMT
In the cryptocurrency market, we’ve observed a sharp correction over the last two weeks following bullish rallies that began in early November. Amid Bitcoin’s (BTC) retracement from its recent all-time high of $108K to $94K, JasmyCoin (JASMY) has also experienced a steep correction. Currently trading at $0.03364, $JASMY has dropped 42% from its December 5th high of $0.059, with 30-day gains reduced to 35%.
However, despite the recent dip, technical analysis points to a bullish outlook for JasmyCoin.
Breaking a 4-Year Downtrend
JasmyCoin has recently broken out of a critical descending trendline that had constrained its price since its all-time high (ATH) in 2021. This breakout, highlighted by crypto analyst @EasychartsTrade, marks a pivotal development in the coin’s long-term price trajectory.
Source: @EasychartsTrade (X)
What's Ahead?
In the analyst's YouTube video analysis, JasmyCoin is highlighted as forming a cup and handle pattern, a classic bullish reversal setup indicating significant upside potential.
Source: @Easycharts-trade (Youtube)
Looking ahead, analysts anticipate that JASMY could target higher retracement levels if it successfully breaks out from the neckline and confirms the move with a retest, including:
50% Fibonacci at $0.105: This level aligns with the historical consolidation zone and could act as a psychological target for traders.
61.8% Fibonacci at $0.248: Often referred to as the "golden ratio" in technical analysis, this level marks a key area of interest for long-term investors.
78.6% Fibonacci at $0.846: If bullish momentum accelerates, this is an ambitious but plausible long-term target based on the strength of the breakout and broader market conditions.
The projected path on the chart shows a steady progression through these resistance levels, indicating a possible rally into mid-to-late 2025.
While short-term volatility remains high, the broader structure suggests a solid foundation for JASMY to capitalize on its breakout, particularly if Bitcoin and the broader crypto market continue their upward trend in the coming months.
Get more updates on: coinsprobe.com
Disclaimer: This article is for informational purposes only and not financial advice. Always conduct your own research before investing in cryptocurrencies.
