JasmyCoin Price Prediction: Assessing the Short-Term Bullish Structure
- WBOYOriginal
- 2024-07-31 06:29:10544browse
JASMY exhibited a more robust technical structure on Tuesday, upholding efforts made since the recovery started last week. Based on the JasmyCoin price prediction chart, traders anticipate a return to the previous month's peak of $0.0445.
After a sell-off in July, JASMY (CRYPTO:JASMY) has been exhibiting a bullish technical structure on the shorter time frame.
The token price encountered support at the 200-day Exponential Moving Average (EMA) ($0.02), which also aligns with a critical support level.
This売出圧力がピークに達したとき、 traders spotted an opportunity to buy the dip on the seventh candle of a bear candle.
The buying pressure encountered resistance at the Fibonacci levels, indicating selling pressure from traders who bought the dip earlier in the downtrend.
After several attempts to break through the resistance, bulls finally succeeded in taking down the critical resistance at $0.025, which is close to the 78.6% Fibonacci level and also coincides with the 50-day EMA.
This price action signaled the start of a bullish structure on the shorter time frame.
After breaking through the 50-day EMA, bulls continued to push the token price higher, encountering another critical resistance at $0.03, which also aligns with the 61.8% Fibonacci level.
This resistance was confirmed by another round of buying pressure, indicating that traders who bought the dip earlier in the downtrend were selling their positions at this level.
Several technical indicators, such as the Relative Strength Index (RSI) and Stochastic oscillator, still indicate that JASMY is in a buy zone, especially because the token is displaying a bullish technical structure that could lead to a breakout to June’s peak of $0.0445.
Traders might be able to increase their profits by entering positions above $0.031, with support confirmed at $0.025.
The Moving Average Convergence Divergence (MACD) indicator is also providing a buy signal, as the indicator is in positive territory and rising.
As the green histograms get larger, JASMY will gain momentum to tackle resistance at $0.035 and $0.04.
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