JASMY price forms higher lows on an ascending trendline, signaling potential bullish resilience despite the recent pullback phase.
RSI at 58.62 shows moderate bullish momentum; MACD’s bullish crossover indicates possible recovery, though momentum weakens.
Volume spiked during JASMY’s rally, confirming buyer interest, but diminished during the pullback, signaling market indecision.
Analyst Javon has identified a potential hidden bullish divergence in JasmyCoin’s (JASMY) price movement. According to Javon, this pattern on the two-hour timeframe suggests that underlying strength remains intact despite the recent correction.
https://twitter.com/JavonTM1/status/1866513476643967271
Key Price Trends and Levels
The price of JASMY has been forming higher lows, supported by an ascending trendline. This structure highlights bullish momentum, even as the recent peak led to a temporary pullback. Notably, a red downward trendline illustrates the current correction phase, which intersects with a support level near $0.83000.
Should this support hold, there is potential for a price rebound; however, failure to maintain this level could lead to further declines. Resistance is positioned near $0.92000, marking a key level for buyers aiming to resume upward momentum.
The wedge-like pattern within the price movement reflects a consolidation phase, suggesting an impending decision point. The outcome depends on whether the price breaks above the red trendline or falls below the ascending support.
Momentum Indicators
Momentum indicators further support the market’s dynamics. The RSI (14) currently sits at 58.62, reflecting moderate bullish momentum after peaking at 71.01, which coincided with an overbought condition. This decline in the RSI aligns with the pullback observed in prices, reinforcing the significance of current support levels.
Source: TradingView
Meanwhile, the MACD indicator shows a bullish crossover, with the MACD line marginally above the signal line. Although the histogram remains positive, the declining bars suggest weakening upward momentum. If the MACD line crosses below the signal line, it could indicate a shift toward bearish sentiment.
Volume and Market Sentiment
Volume trends further provide context to recent movements. A sharp increase in trading activity accompanied the earlier rally, signaling strong buyer interest. However, trading volume has diminished during the pullback, pointing to temporary consolidation. This decline suggests that the market is awaiting further confirmation of direction before committing to positions.
