Date: Wed, Dec 18, 2024, 12:40 PM GMT
The cryptocurrency market has been experiencing bullish rallies since November. Bitcoin (BTC) has shattered records, reaching an all-time high of $108,000 and igniting a wave of optimism across the market. Riding this bullish trend, JasmyCoin (JASMY), the IoT-focused token, has caught traders’ attention by posting an impressive 107% gain over the last 60 days.
As of today, JasmyCoin (JASMY) is trading at $0.040, reflecting a 7% decline. This pullback, however, appears to be a result of a retest of its recent major breakout—a critical move that could determine the token’s next trajectory.
Source: Coinmarketcap
Analyst Insights
Crypto technical analyst @CryptooELITES shared an in-depth analysis of JasmyCoin’s price chart, highlighting a well-formed Cup-and-Handle pattern on the weekly timeframe. This bullish continuation pattern often signals a significant upward movement once the handle breakout is confirmed.
Source: @CryptooELITES (X)
Here are the key takeaways from the analysis:
1.Pattern Formation: The cup spans nearly 2 years, with a well-rounded base formed from late 2022 to mid-2024. The recent rally broke out above the resistance level around $0.043 forming the “handle” of the pattern.
2.Retest of Breakout: Currently, the price is retesting this breakout zone at $0.038–$0.043, a common technical occurrence after a strong breakout. Such retests are often seen as healthy corrections to confirm strength.
3.Potential Targets: If the handle breakout holds, JASMY’s price could follow the classic pattern projection, reaching potential targets at:
$0.09 (near-term resistance)
$0.18 (medium-term target)
$0.31 (cup-and-handle full breakout target)
Analysts believe these levels are achievable as long as the overall market momentum remains positive and JasmyCoin sustains its breakout strength. Notably, analysts are expecting approximately 700% growth within 4 months.
Future Outlook
The current retracement in $JASMY price offers an opportunity for bulls to re-enter and build momentum. If buying pressure resumes, the cup-and-handle breakout could pave the way for significant gains in the coming weeks and months.
However, investors should remain cautious, as the price must stay above the critical support zone around $0.040 to validate this bullish outlook. A break below could invalidate the pattern and lead to further downside.
Conclusion
JasmyCoin (JASMY) is at a pivotal point. The well-defined cup-and-handle formation suggests a potential rally to higher targets, with analysts eyeing $0.09, $0.18, and possibly $0.31 in the longer term. With analysts forecasting an approximate 700% growth over the next 4 months. As always, traders should monitor key support and resistance levels and watch for confirmation of the breakout.
Get more updates at: coinsprobe.com
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Please conduct your own research and consult a financial professional before investing in cryptocurrencies
