In recent months, JasmyCoin price had an excellent performance. JASMY reached an ATH of around $0.04 last month.
However, the JASMY price then entered a correction phase. Amid this week’s crypto market crash, JasmyCoin price declined quickly and touched the $0.022 level.
But, where’s JASMY price headed next?
JASMY Price Prediction and Analysis
Since hitting its peak in June, JASMY has been trading within a descending channel, as illustrated by the blue lines on the JASMY/USD chart. Today’s market activity saw JASMY’s price surge by 15%, outpacing most other top 100 altcoins by market capitalization.
Only CORE and SHIB managed to post larger gains today out of other top altcoins. This reversal is particularly important given the challenging week experienced across the crypto market.
Source: TradingView
Following today’s pump, JASMY is trading around $0.024.
However, it has not yet broken out of the descending channel. To do this, JASMY would need to break $0.026 area. If this happens and overall market sentiment remains positive, JASMY could swiftly revisit the $0.03 level before potentially “attacking” new all-time highs.
In the event of big pullbacks, the $0.017 level is expected to serve as strong support, aligning with the 200-day moving average. Technical indicators offer mixed signals: the MACD line’s recent cross above the signal line suggests bullish momentum, while the daily RSI at 53 indicates moderate strength.
When it comes to the JASMY price forecast, this will likely depend on its ability to break out of the current descending channel and, of course, the broader crypto market conditions.
A (strong) move above $0.026 could pave the way for further gains. On the flip side, failure to do so might result in continued consolidation within the channel and closer to the 200-day moving average area.
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Show more +Show less – Analyst Weighs In on JASMY Price
A popular analyst that goes by the name ‘LAMBO’ and has over 30,000 followers on X (Twitter), tweeted today about JASMY’s price action. The analyst noted that even though JASMY initially broke below a critical support level, suggesting a bearish move, he now suggests waiting for the weekly close before drawing definitive conclusions.
LAMBO observed that the JASMY price has since recovered, climbing back above the support level and showing signs of a potential bounce. He also emphasized that a close above $0.024 could shift the outlook to bullish.
This is pretty much in line with our analysis above.
$JASMY broke below the retest for a bearish move but as I had earlier mentioned, be only become bearish on the weekly close!Telegram: https://t.co/71apcaZ06RNow it has recovered back above the support and look to be bouncing off here! NOW WAITING FOR THE WEEKLY CLOSE OFF… https://t.co/vw4GbaLoC7 pic.twitter.com/0iOcYCIeSU
— Team LAMBO (@TehLamboX) July 6, 2024
The conclusion of his take could be that the weekly closes often provide a more reliable indicator of overall trend direction.
Today’s surge is promising, but it’s just one piece of a larger puzzle.
If you are a JASMY holder or looking to trade this coin in the next few days and weeks, you should keep a close eye on whether JASMY can break out of its descending channel and how it performs in the coming weekly close.
Read also: Cardano (ADA) to Dip by 40% if Crucial Support Fails; Fetch.ai (FET) Recovery Hinges on This Trendline Breakout
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