Over the past 48 hours, the cryptocurrency market has displayed signs of recovery after recent corrections. Bitcoin ($BTC ), which briefly dropped to $92,000 last week, has regained momentum and is now trading above $98,000. Alongside this market resurgence, JasmyCoin ($JASMY ) has also entered positive territory, suggesting a potential bullish reversal,

Retesting the Critical Cup & Handle Neckline

According to technical analysis, JasmyCoin’s weekly chart illustrates the formation of a classic cup-and-handle pattern, a widely recognized bullish continuation formation. The price has recently retested the neckline of this pattern at the $0.035 level, which has transitioned from a previous support zone to a key resistance level.

The cup-and-handle pattern suggests that JasmyCoin may be building momentum for a significant breakout. Should the retest lead to a strong bounce, the price could potentially rally toward the next key resistance level at $0.10, representing an upside of over 150% from current levels.

Key Technical Insights:

Volume Profile (VPVR): Significant buying interest is observed in the $0.035-$0.040 range, solidifying this area as a crucial support zone.

Relative Strength Index (RSI): The weekly RSI remains above 56, signaling bullish momentum while still allowing room for further upward movement.

Trading Volume: During the retest, trading volumes have been promising, indicating active participation from market players defending the $0.035 support level.

Is a Reversal Imminent?

JasmyCoin finds itself at a pivotal juncture. A confirmed bounce from the $0.035 neckline could signal the start of a strong reversal, potentially aligning with the broader market’s recovery. However, the success of this pattern hinges on the ability of the $0.035 support zone to hold in the coming days.

Traders are advised to closely monitor this key support level and consider the overall sentiment in the cryptocurrency market. If Bitcoin and other major assets continue their recovery, JasmyCoin could capitalize on the broader bullish momentum, making it an asset to watch in the near term.

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