JasmyCoin’s (JASMY) price has had a decent performance in the last 24 hours, as it broke through the $0.02 resistance level for the first time this month, a level that was lost in late August during a market downturn.
CoinMarketCap statistics showed that JASMY’s price saw a 10% rise, the same as its market cap. Its trading volume saw a 30.40% rise in the past day.
This development led to traders and investors asking if JASMY could be on the verge of a potential 67% rally.
What you'll learn 👉
The JASMY Price Breaks Key Resistance Level at $0.02
This token’s $0.020 resistance level is vital because it was lost during the market downturn in late August. JasmyCoin’s price briefly dipped to $0.017 before bulls stepped in to defend the level, signaling a shift in market sentiment.
Despite this, JasmyCoin has yet to break out of its descending channel fully. This will require a 20% gain in price, so it can hit the $0.024 level and coincide with the 200-day moving average (MA) shown on the chart.
However, a stronger bullish trend might be confirmed if the price breaks above the 200-day MA, which is a decisive resistance point.
Moreover, investors are closely observing this level since it hints at JASMY’s next big move. If the 200-day MA is not broken, more consolidation could occur.
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JASMY Chart Analysis – Potential for a 67% Rally
When JASMY breaks out of the descending channel, the next target would be the $0.033 level, representing a potential 67% pump from current prices.
Image Source: TradingView
The chart shows that JasmyCoin was previously rejected around this level in July after briefly breaking out of the channel. This price point will be a major resistance level moving forward.
The support level at $0.017 is key for maintaining bullish momentum. However, the price action of late suggests that bulls are committed to defending this level, as it was tested multiple times in late August and early September without breaking down.
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Show more +JasmyCoin is sitting at an important technical juncture right now. However, the upcoming days will be pivotal in determining whether JASMY could stage a sustained rally.
Moreover, the key will be a breakout above $0.024, which could open the door for a larger move toward the $0.033 resistance level. However, traders should observe the 200-day MA and the $0.017 support level for signs of either continuation or reversal.
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