JASMY Price Analysis November 6: JasmyCoin Aims for $0.1250, But Can Support Hold?

• JasmyCoin shows potential for a final bullish move, targeting $0.0850 to $0.1250.
• Strong trading volume and a recent 17% price increase signal investor interest.
• Indicators like MACD and RSI support continued upward momentum for JasmyCoin.

JasmyCoin (JASMY) has recently gained attention as technical indicators hint at a potential upward movement, marking what analysts suggest could be the final wave in its current five-wave cycle. 

The analysis, grounded in Elliott Wave Theory, posits that JASMY is in the fourth wave, or consolidation phase, potentially priming the coin for an upward trajectory toward the fifth wave. 

Source: CryptoBullet

The forecasted target range for this fifth wave is between $0.0850 and $0.1250, aligning with the 1.618 Fibonacci extension level, a technical benchmark that typically signals potential price targets in wave cycles.

Currently trading at $0.01961, JasmyCoin has seen a substantial 17.18% rise within the past 24 hours, driven by robust trading activity. With a circulating supply of nearly 49.39 billion tokens, the cryptocurrency ranks #69 in market capitalization, surging to approximately $968.60 million. 

Source: CoinMarketCap

Trading volumes have risen sharply, reaching $75.34 million over the same period, marking a notable 117.74% increase, further underscoring the heightened investor interest and reinforcing bullish sentiment.

Technical analysis of JasmyCoin’s daily chart reveals that both the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) support this bullish outlook. 

The MACD recently signaled a bullish crossover, where the MACD line has moved above the signal line, often interpreted as a sign of continued upward momentum. 

Source: TradingView

The RSI stands at 55.97, comfortably below the overbought threshold of 70, which implies potential for further growth without hitting resistance levels typically associated with overbought conditions. 

Analysts note that if the fifth wave develops as expected, given current market dynamics and technical support, JasmyCoin could reach targets of around $0.0850 to $0.1250.

Market trends and previous patterns in JasmyCoin’s price movements support this outlook. The coin experienced significant rallies in February and May, and periodic peaks in volume and price earlier in the year were noted. 

Despite the quieter phase that followed, the recent uptick in volume indicates renewed interest, suggesting the potential for further gains. 

Analysts recommend observing resistance levels, particularly around $0.0250, where historical highs may introduce hurdles. 

If current momentum persists and support levels hold, JasmyCoin could maintain this trajectory, aiming for the projected range in the upcoming wave, as technical indicators align with positive market sentiment.