JasmyCoin (JASMY) has bounced off support at $0.16. It started to follow the general market recovery and has gained 17% in the last two days.
The support has been holding since March and it is reasonable to think that could be a reversal point for a bullish spike.
Decilizer, a crypto analyst, thinks the price is now ready for a 100% spike to $0.0386. but how possible is this?
$JASMY has made another breakout, confirmed support at $0.019. Now it is all set to take a rally towards the next target of $0.0386 with significant trading volume. Maintaining a bullish outlook on $BTC is very important.Previously we've observed 570% gains. pic.twitter.com/2c6CmoXVjw
— Decilizer (@decilizer) August 6, 2024
Conditions for JASMY 500% Price Rally
The analyst talked about Bitcoin’s price action and how it can affect the price direction of JASMY. He thinks BTC has to remain bullish for JasmyCoin to continue to spike.
This is because the sentiment around BTC affects the more general market. The last few times when BTC crashed, many other Altcoins also followed in the same bearish direction.
Technical Analysis Reveals Key Resistance Areas
Although further technical analysis also confirms the strong support, the price of JASMY will still have to overcome some resistance to maintain its upward move.
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There is a strong resistance between $0.024 and $0.025. If that breaks, there is another major resistance at a descending trendline.
The price started to bounce off the bearish trendline in June. Therefore, for the price to rally higher as predicted by the analyst, we will need to see that resistance break too. Only then can we see a spike to $0.0386 as predicted by Decilizer.
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