- JasmyCoin is in a pattern of a falling wedge, a historically bullish signal that portends a probable reversal in price in case resistance is breached.
- RSI at 36.40 with oversold Stochastic RSI readings imply buying pressure that can be interpreted as a short-term bullish bounce.
- Break above $0.025 – $0.022 can confirm a bullish trend, while failure at $0.0178 support can take JASMY down towards $0.0155.
Technical indicators show that Jasmycoin is forming a falling wedge pattern, a historically bullish signal that could indicate a reversal if key resistance levels are breached.
Descending Parallel Channel Signals Potential Reversal
A recent tweet from crypto veteran JavonTM1 highlights this pattern, stating that a breakout may be imminent. Support is currently established around $0.0178 – $0.0180, an area historically associated with strong demand. Resistance lies between $0.022 – $0.025. A breakout above this range may confirm a trend shift toward higher levels.
A recent analysis indicates that JASMY is trading within a descending parallel channel. The upper boundary acts as dynamic resistance, while the lower boundary provides crucial support. The price has tested the lower boundary, showing a minor bounce, which could indicate buying interest at this level.
RSI and Stochastic RSI Indicate Oversold Conditions
The Relative Strength Index (RSI) stands at 36.40, approaching oversold territory. A movement above 40-50 could indicate renewed buying pressure. The RSI’s moving average at 38.85 currently suggests bearish momentum.
Readings on Stochastic RSI are at %K 30.82 and %D 22.29, also in oversold positions. A short-term bullish bounce is likely in case Stochastic RSI crosses over 20.
Key Price Scenarios for JASMY
Break above the descending channel can move JASMY towards $0.022 – $0.025. Daily close above $0.025 will be a bullish signal. Failure in holding above $0.0178 can lead towards more declines with a nearby level at $0.0155. A decline in RSI below 30 will be a sign of more sell activity with more extended declines.
The coin was trading at $0.01885 at the time of writing, having dropped 1.10% in the last 24 hours as well as 12.45% in the last seven days.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
