JasmyCoin Breaks Crucial Resistance, But Will the JASMY Price Rally Continue?

JasmyCoin (JASMY) broke above the $0.03 mark lately, a key resistance level. This move brings it closer to its yearly high of approximately $0.04

JasmyCoin (JASMY) price has shown remarkable resilience, breaking above a crucial resistance level and setting its sights on the yearly high. Several technical indicators suggest the potential for further gains in JASMY’s price trajectory.

After a brief consolidation period, JasmyCoin price action recently took a bullish turn, breaking above the $0.03 mark. This key resistance level, indicated by a red horizontal line at $0.030164 on the daily price chart from TradingView, now serves as support.

Price Trend and Key Indicators

The recent price trend for JASMY shows a strong upward movement. Breaking above $0.03 suggests bullish momentum, and the price is approaching its yearly high with upward moves in recent candles.

The Bollinger Bands were narrowing in May, indicating reduced volatility. However, they have been expanding recently, suggesting surging volatility as the price rises. This expansion often signals strong buying or selling pressure, which in this case appears to be bullish.

Moving Averages and Volume Analysis

The chart features a 100-day EMA shown in orange. The price recently broke above this EMA, a bullish indicator. Since February, the trend has been generally bullish, with the price staying above the EMA for the most part until a brief dip below it in June.

Volume analysis shows a spike in buying volume in early April, which correlated with a sharp price increase. The volume levels are moderate compared to the yearly high, indicating less aggressive trading activity. Despite this, the price rise suggests ongoing bullish sentiment among traders.

Technical Benchmarks and Upcoming Opportunities

The MACD line crosses the signal line, indicating a bullish crossover in the Moving Average Convergence Divergence indicator near the end of June. The MACD is crossing into positive zone, indicating possible bullish momentum.

The Relative Strength Index is around 56.09, indicating a neutral zone. The current RSI suggests there is neither significant overbuying nor overselling, indicating room for upward movement without immediate concerns of overbought conditions.

Historical Context and Potential Patterns

As previously reported by Captain Altcoin, a Fibonacci retracement from the high point on June 7 to the low point on July 5 shows JasmyCoin testing the 0.5 Fibonacci level at $0.029. This level previously provided support, making it a significant area to watch.

On the weekly timeframe, JasmyCoin is potentially forming a larger cup and handle pattern. The neckline of this pattern is approximately $0.45. A successful weekly close above this level could validate the pattern, targeting a price of around $0.62 by 2025. This would represent a nearly 2,000% increase from the current price, highlighting potential upside.

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