JasmyCoin holds strong support at $0.0020, with resistance at $0.0070 potentially leading to further bullish momentum.
A bullish breakout beyond $0.0070 could drive JasmyCoin to the $0.02 level, while falling below $0.0030 poses bearish risks.
Despite a bearish death cross in August, JasmyCoin shows signs of recovery, with support around $0.015 suggesting potential rally.
Crypto analyst JavonTM1, in a recent observation, highlighted the bullish setup in JasmyCoin ($JASMY). The coin has shown resilience, holding firm after breaking out of a long-term downtrend.
He pointed out the possibility of a future rally, with Jasmy targeting $4.47842, which could represent a substantial gain of over 21,400%. According to the analyst, bull divergences, higher lows, and rising volume are indicators that may support another move upward. If sustained, this momentum could surprise many investors.
https://twitter.com/JavonTM1/status/1845105466654982397
Breakout from Downtrend and Accumulation Zone
From early 2022, Jasmy experienced a steep decline, with a persistent pattern of lower highs and lows. This downtrend continued until November 2022, when Jasmy broke out, potentially signaling a reversal. During this period, an accumulation zone emerged, where buying pressure increased, indicating that bullish sentiment was starting to build.
Following the breakout, Jasmy surged to higher highs before peaking in May 2023. However, resistance around the $0.0070 mark prevented further growth. The price has since entered a consolidation phase, fluctuating between $0.0035 and $0.0070. This sideways movement suggests market indecision.
Resistance and Support Levels in Focus
Currently, the key resistance level remains at $0.0070, with multiple price rejections at this point. If Jasmy can close above this level, further bullish momentum could follow. Notably, there is strong support at the $0.0020 level, which has been tested multiple times and continues to hold.
In addition, Jasmy's price consolidation between these two levels suggests the market is awaiting a clear direction. If the price breaks above resistance, the next target could be $0.02 or higher. However, should Jasmy fall below $0.0030, bearish risks could emerge.
Moving Averages and Market Trends
Looking at the technicals, the price remains below both the 50-period and 200-period moving averages, which typically signals bearish momentum. The death cross, where the 50-period moving average crossed below the 200-period moving average in mid-August, confirms the downward trend. Since then, the price has continued to decline, reinforcing the bearish sentiment.
Source: Santiment
Despite this, support near $0.015 has shown resilience. If the price remains above this level and breaks the 50-period moving average, there could be a short-term rally. A stronger breakout above the 200-period moving average would be needed to reverse the broader trend, which remains bearish for now.
