JasmyCoin ($JASMY) has recently shown promising signs of a bullish trend, supported by its latest price movements and technical chart patterns. According to analysis by Clifton Fx, an analyst, trading against USDT on a daily interval, JasmyCoin exhibits a notable pattern that technical analysts are closely monitoring for potential market movements.
Key technical observations reveal an initial formation of an Ascending Triangle Pattern on the left side of the chart. This pattern is characterized by a rising lower trendline, currently supporting around $0.0200, and a horizontal upper trendline acting as resistance near $0.0280. The breakout above this resistance level has triggered a significant upward momentum for JasmyCoin.
However, the recent price action has transitioned into a Descending Channel on the right side of the chart. This pattern introduces a lower boundary support at approximately $0.02250 and an upper boundary resistance around $0.0270. Despite these levels, technical analysis suggests a potential upward move towards the target of $0.0370, representing a substantial gain from the current price of $0.02366.
JasmyCoin (JASMY) Faces Complex Correction, Poised for Potential ReboundImmediate support is identified at $0.02250, aligning with the lower boundary of the descending channel. Stronger support is anticipated around $0.0200, derived from the previous ascending trendline.
Conversely, resistance levels highlight barriers to further upward movement. Immediate resistance stands at $0.0270, coinciding with the upper boundary of the descending channel. A more significant resistance level lies at $0.0280, previously identified during the ascending triangle pattern breakout.
Technical indicators such as the 1-week Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) provide additional insights. With the 1-week RSI at 53.07, JasmyCoin appears balanced without signs of overbought or oversold conditions, indicating potential consolidation in the near term. Moreover, the MACD trading above its signal line suggests growing upward momentum in price action.
