JasmyCoin consolidates at $0.0169, with potential to break resistance and target $0.2785, over 1,300% higher.

The RSI indicates bullish momentum for JasmyCoin, supported by a "cup and handle" pattern for potential upward movement.

JasmyCoin's 50-period MA below the 200-period MA signals short-term bearish risks, despite a possible recovery.

According to crypto analyst JavonTM1, JasmyCoin ($JASMY) is nearly on a price rally, with technical indicators aligning for a possible surge. The price has recently broken out of a falling wedge pattern, and the Relative Strength Index (RSI) has also moved upwards, suggesting bullish momentum. JavonTM1 notes that these price movements could trigger a massive continuation towards the $0.2785 target, which currently stands more than 1,300% above the current price.

https://twitter.com/JavonTM1/status/1844021648745181481

Bullish Price Reversal After Prolonged Downtrend

JasmyCoin has experienced a long-term downtrend, beginning around mid-2021, marked by consecutive lower highs and lower lows. However, around late 2022, a clear breakout occurred, signaling a reversal of this bearish trend. 

The price action since then has been forming higher highs and higher lows, showing that bullish momentum has started to build. Consolidation patterns seen in early 2024 suggest the potential for another upward move.

The recent price movement appears to form a classic "cup and handle" pattern, which is often seen as a bullish reversal signal. This setup hints at a strong breakout, possibly leading to the $0.2785 target mentioned by JavonTM1.

Key Price Levels and Support Areas

Currently, JasmyCoin is consolidating near the $0.0169 mark, showing some resistance at this level. A future price target of $0.277820, based on previous price structures, seems plausible if this bullish momentum holds. 

Additionally, a key support level exists at $0.013000, where the price has previously consolidated before starting its upward move. Any retracement could test this level before continuing upwards.

The next major resistance lies around the projected $0.277820 target, but before this, Jasmy will need to break through smaller resistance levels. Investors should closely monitor price movements around the current consolidation zone.

Moving Averages Signal Bearish Momentum

JasmyCoin has recently crossed below both its 50-period and 200-period moving averages, indicating potential downside risks in the short term. The moving averages show that short-term momentum remains weak, as the 50-period moving average is below the 200-period. This pattern, known as a death cross, was confirmed in late July 2024 and typically indicates that bearish momentum could continue.

Source: Santiment

Despite this, JasmyCoin's price has previously shown the ability to rally following such crosses. The previous golden cross in mid-May 2024 drove a strong upward movement, suggesting that future upward momentum is possible if conditions shift.