Technical analysis suggests that JASMY has broken through a critical support level, potentially signaling further downside in the coming days and weeks. Investors holding this cryptocurrency may want to brace themselves for a potential 20-30% drop from current levels.
A cryptocurrency analyst from Chart X Crypto YouTube channel shared a concerning breakdown of JASMY price action. According to their analysis, the coin has conclusively broken below a key support zone and appears headed toward significantly lower price targets.
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Technical Analysis Reveals JasmyCoin Bearish Pattern
The technical outlook for JASMY coin doesn’t inspire confidence. According to the analysis, JasmyCoin appears to have completed a bearish five-wave impulsive structure downward. The cryptocurrency has now fallen below the critical support range between $0.012 and $0.0125 on the daily timeframe.
What makes this particularly worrying is the pattern of the breakdown: an initial move below support, followed by a pullback, and now a continuation of the downward movement. This classic technical pattern often signals that the path of least resistance remains to the downside.
“This was our initial move down, our initial candle close under this area, and then pullback, and now we are having a continuation of the move down,” the Chart X Crypto analyst explained. “So it’s safe to assume that JasmyCoin did officially break this important support area.”
Limited Support Levels Below Current JASMY Price
The concerning aspect of JASMY current price position is the lack of strong support zones underneath. The analyst points out that with the breakdown of the current support level, there aren’t many technical barriers to prevent further decline.
The next significant support zone for JasmyCoin price is substantially lower—between $0.005 and $0.0075. This range represents a combination of two different support levels: one between $0.0068 and $0.0075 and another around $0.005 to $0.0058. Reaching these levels would translate to approximately a 20-30% drop from current prices.
“Under it we do not really have a whole lot of strong support areas,” the analyst warned. “One could argue maybe there is a support from all the way back down here—however, right now, at least, JasmyCoin is not really reacting to that support properly.”
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JasmyCoin’s Relationship with Bitcoin
The analysis also examined JASMY’s performance against Bitcoin, which offers additional insights. In the JASMY/BTC chart, the coin has also broken important support and appears headed toward the next support level, which is about 10% below current levels.
This creates an interesting divergence between the USD and BTC charts. While JASMY could fall 20-30% against the dollar, it might only drop 10% against Bitcoin. This discrepancy suggests that Bitcoin itself may experience downward pressure in the near future.
“If Bitcoin is also going to go down—let’s say like 5 to 7%—then JasmyCoin can go down maybe 15 to 20%. But in this chart, one would only see a move of 8-10% on the downside,” the Chart X Crypto analyst clarified. He added that it’s unlikely Bitcoin would remain flat while JASMY bleeds against both USD and BTC simultaneously.
What Could Change JASMY Bearish Outlook?
For the bearish outlook to change, JASMY would need to make a very strong move back above the broken support level, which now acts as resistance on both daily and weekly timeframes. This would require a clear five-wave structure upward, not just a weak bounce.
The analyst emphasized that a minor recovery wouldn’t be sufficient: “A weak move—like just taking out the B leg low—will not cut it. It would still be considered bearish.”
Read Also: How Much Will 100,000 JasmyCoin (JASMY) Tokens Be Worth When Bitcoin Reaches $150,000
Conversely, if JASMY breaks lower lows, it would “100% invalidate any bullish scenarios we could imagine.” However, if the coin manages to hold above critical levels and form a proper bottom, it could potentially set up for a significant bull run later.
For now, JASMY investors should watch the price action carefully, particularly around the key support and resistance levels highlighted in the analysis. Until there’s clear evidence of a trend reversal with strong buying pressure, the path appears to lead lower for JasmyCoin in the near term.
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