Analyst Confident JasmyCoin (JASMY) Price Won’t Crash Despite ‘Scary’ Bearish Signal

Chillbo Swaggins expresses a strong stance on JasmyCoin (JASMY), countering widespread fears about a potential price collapse.

Popular crypto analyst Chillbo Swaggins has shared his thoughts on the potential price trajectory of JasmyCoin (JASMY), expressing confidence that the coin's price will not experience a drastic decline despite a concerning bearish signal.

In his analysis, Chillbo highlights the technical indicators and market dynamics for JASMY, providing a comprehensive perspective on the coin's price movements. He begins by examining the weekly chart, which reveals a descending triangle pattern characterized by lower highs and a horizontal support line. While this pattern is typically associated with a bearish outcome, Chillbo notes that this conclusion is not guaranteed.

Emphasizing the significance of consistent higher lows observed on higher time frames, Chillbo suggests that these lows may indicate underlying strength despite the prevailing bearish sentiment. This observation aligns with the technical analysis, which shows a series of higher lows on the weekly chart.

Moving on to the relative strength index (RSI) on the weekly chart, the analyst points out a declining trend in the RSI, indicating a potential buildup of selling pressure. However, he notes that the RSI is also approaching oversold conditions, suggesting a possible reversal. If the RSI begins to rise from these oversold levels, it could indicate a shift towards bullish momentum.

Zooming in on the daily chart, Chillbo highlights JASMY's formation of a double bottom at the crucial $0.016 support level. This pattern is widely recognized as a bullish reversal formation, especially if JASMY manages to break above the descending resistance line.

Finally, the analyst acknowledges the valid concerns regarding the head and shoulders pattern, as it traditionally signals a trend reversal to the downside. Countering this bearish sentiment, Chillbo argues that the anticipated bullish phase for Bitcoin could lift other cryptocurrencies, including JASMY. He believes that if Bitcoin experiences a significant rally, it is likely to exert a positive influence on JASMY's price movement, diminishing the possibility of a substantial breakdown.

In summary, Chillbo's analysis provides a nuanced perspective on the potential price trajectory of JasmyCoin (JASMY), considering both bearish and bullish indicators and highlighting key levels to watch for further price movements.

The above is the detailed content of Analyst Confident JasmyCoin (JASMY) Price Won’t Crash Despite ‘Scary’ Bearish Signal. For more information, please follow other related articles on the PHP Chinese website!