JasmyCoin Price Prediction: Short-Term Uptrend In Jeopardy
After significantly bouncing from a double-bottom pattern, JasmyCoin price prediction—bullish last week stalled under $0.032 resistance.
JASMY ascended within the confines of a now broken channel. Key milestones achieved during the rally included stepping above bullish market indicators such as the Exponential Moving Averages (EMAs).
The 20-day, 50-day, and 200-day EMAs briefly fuelled the uptrend but bulls started letting go amid broad-based corrections that affected major assets like Bitcoin, Ethereum, and XRP.
Due to the rejection from the $0.032 resistance band, profit taking appended to the selling pressure, pushing JASMY to test the channel’s support around $0.0273.
At first, the support held resulted in a slight increase in price above $0.03, nevertheless, a widespread negative sentiment engulfed the market ahead of the launch of Ether ETFs.
The internet of things (IoT) protocol helping to secure data, resumed the downturn this time breaching the channel’s support.
Based on the current JasmyCoin price prediction, buyers have lost control of the sellers as the token retests the same support at $0.0273 only this round, outside the confines of the ascending channel.
JASMY also holds below all three EMAs which threaten to confirm 2 death crosses. A death cross pattern would mean that the bearish outlook is stronger and may last longer before a trend reversal.
Considering JasmyCoin price has corrected 15% from last week’s peak, traders are bound to turn to indicators like the Moving Average Convergence Divergence (MACD).
A sell signal means incoming selling pressure to be exacerbated by rising short positions. Sliding below $0.0273 support may prove risky as bulls may not be able to prevent a major sell-off to the primary support at $0.02.
On the other side of things, this could be a temporary and healthy correction and may offer opportunities for dollar-cost averaging (DCA) strategies.
Should buying pressure increase, JasmyCoin price prediction reveals a potential rebound targeting $1 and the previous all-time high of $5 as per CoinMarketCap data.
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