JasmyCoin (JASMY) has recently captured the attention of traders and analysts alike with a significant breakout from a descending trendline, signaling a potential shift from a bearish to a bullish trend. This development was discussed by Nebraskangooner, Advisor at BingXEnglish, during a live stream last week.
The recent price action of JasmyCoin highlights a successful breakout from a descending trendline that had been acting as a strong resistance level. This trendline, visible on the 1D chart, represents a period during which the price consistently failed to move above a downward-sloping resistance. The breakout happened on May 25th, and the trend has changed from bearish to bullish.
Following the breakout, JasmyCoin experienced a notable upward movement. The highlighted area on the chart indicates a gain of 27.51% over a span of 11 days. This substantial increase is a positive sign for investors and indicates strong bullish momentum.
JasmyCoin Sees Major Gains, Surges Over 25% After Bullish BreakoutGenerally, higher volume during a breakout confirms the strength and legitimacy of the move. In the case of JasmyCoin, the visible volume bars on the chart suggest an increase in volume during the breakout. This increase in volume is critical as it indicates that the breakout is backed by significant market participation.
The chart shows a longer-term moving average, likely the 200-day moving average, trending upwards. The price of JasmyCoin breaking above this moving average is another positive indicator, reinforcing the bullish trend. Moving averages are commonly used to identify the overall direction of the market, and an upward trend in the long-term moving average further supports the positive price movement.
Confirming from Coingecko, the price of JasmyCoin (JASMY) stands at $0.02635 with a 24-hour trading volume of $157,277,277.02. This represents a 0.07% price increase in the last 24 hours and a remarkable 29.39% price increase over the past seven days. With a circulating supply of 48 billion JASMY, the market capitalization of JasmyCoin is valued at approximately $1,284,553,983.
