- JasmyCoin has formed a bullish broadening wedge, with analysts projecting a potential upside move of over 440% toward the $1.80 level.
- Price is consolidating just above the 50 EMA, signaling a possible technical retest that could build momentum for the next bullish leg.
- Traders are watching to see how Jasmy reacts to the 50 EMA support, as a bounce may confirm the breakout pattern and perpetuate the upward advance.
JasmyCoin (JASMY) has now edged into a very important price area after coming back from a longer-term market slide. Technical signals are aligning around a possible breakout setup, with traders closely observing recent developments.
Broadening Wedge Pattern Supports Bullish Outlook
A tweet from analyst JavonMarks suggests JASMY has formed a broadening wedge pattern on the daily chart. This pattern is commonly associated with rising volatility and potential breakout opportunities.
The chart indicates diverging trendlines, with price action now leaning toward a bullish breakout. The analyst points to a projected target of $1.80+, with over 440% upside possible. Before reaching that upper level, the path toward the breakout alone could result in substantial gains.
While the breakout structure appears intact, there remains a high likelihood of a retest of the wedgeâs lower support. This scenario would align with normal market behavior, giving bulls a chance to validate the support level and build momentum. Retests often filter out weaker positions and allow for stronger buying interest to emerge.
JasmyCoin Retest at 50 EMA Offers Clarity
JasmyCoin has now cleared the 50-day Exponential Moving Average, currently sitting at $0.01539. This is a key level the price previously failed to hold during its extended downtrend.
Following the recent breakout, the price is consolidating just above the 50 EMA. The current candle was trading at 0.1607 as of writing showing a 4.46% decline, indicating short-term pressure or profit-taking. However, this drop may serve as a technical retest of the EMA, a move commonly seen after trend reversals.
Holding this level may allow bulls to establish firmer ground and prepare for the next leg upward. If Jasmy prints a bullish reversal candlestick from this area, renewed buying interest could support continued gains.
Traders Watch for Reaction to Critical Support Zone
The price behavior around the EMA will be critical in the short term. If bulls defend this level, it would strengthen the bullish case. A bounce from the EMA could reinforce the breakout narrative and align with the broader wedge formation.
Should the asset fall below the EMA, it may return to its prior trading range. Holding the current level, however, could preserve momentum and keep the bullish wedge setup valid.
