JasmyCoin (JASMY) price action is an interesting one as it aims to outperform Bitcoin (BTC) in the coming months. After delivering a return of over 474% against BTC between January and June 2024, JasmyCoin could be gearing up for another major move, as per analyst Javon Marks.
The analyst suggests that JASMY’s recent sideways price action may be temporary, with a bullish trend potentially on the horizon.
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Technical Analysis Shows Hidden Bullish Divergence
Javon Marks pointed out that JasmyCoin has confirmed a hidden bullish divergence on its JASMY/BTC pair. This indicates a potential continuation of the uptrend seen earlier this year.
Hidden bullish divergence occurs when the price makes a higher low, while indicators, such as the RSI, show a lower low. This technical signal often suggests that the asset is building underlying momentum that could lead to a price increase.
Marks added that the recent pullback in JasmyCoin’s price is likely a pause before the uptrend resumes. This observation aligns with the bullish reversal seen in JasmyCoin’s chart patterns.
Price Target for JasmyCoin Set at $0.2785
In his analysis, Marks set a price target of $0.2785 for JasmyCoin. This target, if reached, would represent an increase of around 1,140% from its current level. While this is not the final target according to Marks, it marks an ambitious goal for the crypto.
The chart accompanying Marks’ analysis highlights several technical indicators, including a descending broadening wedge pattern, which often signals a trend reversal. The breakout from this pattern supports the possibility of JasmyCoin continuing its upward movement.
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JasmyCoin’s Market Performance Against Bitcoin
JasmyCoin’s strong performance earlier in the year has interested many traders and investors. Its ability to outperform Bitcoin by a large margin from January to June 2024 has established the crypto as one to watch.
With the confirmation of hidden bullish divergence and key technical signals, JasmyCoin may once again surpass Bitcoin soon. This potential price surge comes as the crypto market remains volatile.
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