- JasmyCoin’s $0.2785 target stays intact, as key support levels strengthen prospects for a long-term bullish trend, per analyst.
- Notable patterns like a falling wedge and ascending channel suggest JasmyCoin’s resilience amid a potential 1,500% gain forecast.
- RSI and MACD show JasmyCoin nearing oversold levels, with a MACD crossover hinting at a possible bullish reversal if support holds.
According to analyst JavonTM1, JasmyCoin (JASMY) could be on track for a bullish breakout, forecasting a substantial rise to $0.2785. Despite recent price fluctuations, JasmyCoin remains poised for what JavonTM1 considers a continuation within a potential long-term rally exceeding 1,500%. The price action has shown notable resilience, holding above key levels while setting up for a further upward trend.
Falling Wedge and Channel Structures
In 2022, the asset experienced a marked downtrend, characterized by a falling wedge pattern, a bullish formation often preceding a trend reversal. Around November 2022, JasmyCoin confirmed a breakout from this wedge, sparking a strong upward shift.
Moving into early 2023, the price action displayed consistent momentum within an ascending channel, forming higher highs and lows until mid-year. Key resistance zones, marked with red indicators, show repeated testing.
As 2023 progressed, a descending flag pattern began to form, indicating a consolidation phase. Prices are currently trending toward the lower boundary of this channel, a critical support level that could trigger a bullish move if sustained.
Support and Resistance Levels Hold Key to Bullish Potential
The analyst points to several crucial support and resistance zones that may shape JasmyCoin’s future movement. The initial breakout from the falling wedge in 2022 occurred around $0.0002, with prices pushing upward soon after.
In 2023, resistance emerged at around $0.00045 and $0.0006, levels that might be retested if JasmyCoin continues its current bullish path. Notably, the descending channel’s lower boundary, ranging from $0.00025 to $0.0003, remains a vital support area.
A bounce from this level could reinforce the bullish structure and provide the foundation for a continued rally. On the other hand, if prices break below this support, they may revisit lower levels around the initial breakout point of $0.0002, signaling a potential deeper retracement phase.
Price Indicators Show Persistent Bearish Pressure
The JasmyCoin-USDT chart highlights bearish momentum in recent weeks. At press time, JasmyCoin was trading at $0.0166, down 3.94% in the past 24 hours. Key indicators, including the RSI and MACD, reflect this bearish trend. The RSI sits at 36.35, near oversold territory, suggesting that the downward pressure persists. However, if it dips below 30, JasmyCoin may attract buying interest.
Additionally, the MACD line remains below the signal line, with a negative histogram, which further points to prevailing bearish conditions. Monitoring for signs of a positive MACD crossover is crucial as a potential early sign of reversal. Immediate support near $0.0160 is vital, and a rebound from this level may indicate renewed strength. However, further declines could drive JasmyCoin toward $0.0150 or lower.
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.
