• 17 July, 2024
Market News Price Analysis

Will JasmyCoin Break Resistance? Potential 86.34% Gain Ahead

JasmyCoin (JASMY) appears poised for a significant bullish wave, potentially experiencing a 45-50% surge if it successfully breaks out of its current descending channel, according to analysis by World Of Charts, an analyst. This analysis of the JASMY/USDT pair on Binance’s 4-hour chart highlights the potential for a substantial price rally.

At press time, JasmyCoin trades within a downward channel, indicating a prevailing bearish trend. However, a recent attempt to break out of this channel suggests a possible trend reversal. Immediate support is found around $0.02100, with secondary support at approximately $0.01750. These levels mark critical points within the channel that have historically provided price stability.

On the resistance side, immediate resistance is around $0.02500, aligning with the upper boundary of the downward channel. The secondary resistance level is at approximately $0.03000, a significant previous high. Beyond these levels, the chart projects a potential target of $0.04500, representing an 86.34% increase from the breakout point.

For a bullish scenario, if the price manages to break and sustain above $0.02500, it could test the secondary resistance at $0.03000. A successful break above this level might drive the price towards the projected target of $0.04500. This upward movement could signal the beginning of a solid bullish rally, providing substantial gains for investors.

Source: X

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Conversely, a bearish scenario could unfold if the breakout attempt fails, causing the price to fall back into the descending channel. In this case, the price might retest the immediate support at $0.02100. A break below this level could lead to a further decline towards the secondary support at $0.01750, suggesting continued bearish momentum.

JASMY/USD 1-day price chart, Source: Trading view

At the time of writing, JasmyCoin is trading at $0.02489, with a 24-hour trading volume of $94,717,830, marking a 1.25% increase in the last 24 hours. The 1-day RSI of 43.22 indicates that the coin may be approaching oversold conditions, but further confirmation is needed before making trading decisions. The 1-day MACD trading below the signal line suggests downward momentum, potentially indicating a bearish trend.

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