According to a video analysis by analyst Steph is Crypto, JasmyCoin (JASMY) is approaching a key technical level that could result in a major price movement. The video outlines a potential breakout from a falling wedge pattern on the daily chart.
Moreover, the analyst emphasises the importance of closing above 2.1 cents to confirm bullish momentum. Should this occur, the short-term price target for JASMY could reach 4.5 cents, signaling potential gains for investors.
Key Technical Areas for JASMY
The analysis identifies critical resistance and support levels that traders should monitor closely. The current resistance for JASMY is at the 0.236 Fibonacci level. This has been a challenging area for the token, but breaking it could lead to further upward momentum.
Steph highlights that, in the short term, support levels derived from the Fibonacci retracement indicate that JASMY needs to remain above the 0.5 Fibonacci level, which is around 1.95 cents. If it fails to maintain this level, the next support lies at 1.86 cents, near the golden pocket.
Liquidity and Market Sentiment
A liquidity heat map suggests that liquidity from short positions is accumulating above JASMY’s current price. This indicates the possibility of a short squeeze, where traders holding short positions may be forced to buy back their positions if the price rises, driving the price higher.
The analyst also points out that the overall market sentiment is turning bullish, with Bitcoin recently establishing a higher low for the first time in six months. This could lead to broader market rallies that benefit altcoins like JASMY.
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Show more +Show less – Broader Crypto Market Trends
The film also addresses patterns in the larger crypto market, which can affect JASMY’s price. The Stablecoin Supply Ratio oscillator, which is falling into negative territory and implying that Bitcoin might be close to a bottom, is one important element.
Given that Bitcoin frequently shapes the general market, this could be a good indication for other cryptocurrencies such as JASMY. Furthermore suggesting long-term accumulation are Bitcoin outflows from exchanges in recent months. This lowers the supply of Bitcoin on the market for sale, thereby perhaps strengthening the whole crypto market.
Read also: Best Meme Coins to Buy Now for Explosive 10x Gains in 2024 and Beyond
Macro Factors Shaping JASMY’s Outlook
Steph is Crypto also mentions macroeconomic factors that could impact JASMY’s future price action. These include the upcoming US elections, which have historically triggered crypto rallies in the years following elections, and the possibility of Federal Reserve rate cuts expected in September.
If rate cuts occur, they could lead to a broader bull market for risk-on assets like cryptocurrencies, further supporting JASMY’s potential price gains.
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