- JasmyCoin rejected from $0.01484 resistance after failing to hold above pmPOC at $0.0151.
- Price found temporary support at $0.01448 and is now consolidating within a tight range.
- Bullish Elliott Wave setup suggests long-term upside toward $0.0586 if Wave 3 develops.
JasmyCoin (JASMY) saw a sharp move,dropping below key support after failing to hold above $0.0151. The token is now consolidating, with bulls eyeing a potential bounce.
Early Move Hits Target, Rejection Sparks Pullback
According to a tweet from @Wgist2, JASMY’s recent move was forecasted accurately, with price action initiating sharply at 7:00 AM. The token had been hovering around the previous day’s Point of Control (pmPOC) near $0.015118, a crucial decision point.
Holding above this level could’ve triggered a push to $0.016, but the failure to do so resulted in a swift drop—ultimately confirming the bearish scenario. Price fell below the lower support level of $0.0148, marking a -6.74% decline in 24 hours, with a 7-day loss of 2%.
The sell-off found short-term relief at the Value Area High (VAH) of $0.014481, from where it saw a mild rebound. However, the resistance at the weekly VAH (wVAH) of $0.014840 acted as a ceiling, leading to consolidation between the two key levels.
Price Consolidates as Bulls Attempt to Reclaim Control
JASMY is currently forming a base between $0.01448 and $0.01484, with accumulation visible at lower timeframes. This range has become a battleground between short-term bears and potential long-term bulls.
A clear breakout above $0.01484 would be the first sign of renewed bullish momentum. Until then, any upside remains capped.A Fair Value Gap (FVG) above the current range adds weight to the bullish case, potentially attracting price higher.
For a meaningful recovery, bulls need to reclaim the pmPOC zone and push toward the $0.016 level, which has remained elusive in recent sessions. Market participants are advised to watch volume closely as any breakout would require a strong momentum shift.
Elliott Wave Count Hints at Bigger Picture
While short-term technicals suggest hesitation, the weekly chart offers a different view. JASMY appears to have completed a corrective Wave 2 and is in early stages of an impulsive Wave 3, based on Elliott Wave Theory.
If valid, this move could project targets near $0.0586, with a possible extension toward $0.34251 by late 2026.Indicators back this narrative. The Relative Strength Index (RSI) hovers near 45, showing signs of early strength.
Volume also suggests ongoing accumulation, pointing to increasing investor confidence despite the recent dip. The key invalidation for this long-term bullish structure lies at $0.00812. As long as this level holds, analysts consider the macro bullish case to be intact.
