Analyst CryptoBullet shared insights into JasmyCoin (JASMY), outlining a conservative outlook for its price trajectory. According to CryptoBullet, JASMY is positioned for a fifth and final upward movement, but extreme targets such as $1 or $3 are deemed unlikely.
Rather, the expert has indicated a target region for this expected last wave that is around $0.085 to $0.125. CryptoBullet employs the Elliot Wave Theory in his analysis, a methodology for forecasting price patterns in financial markets.
Per CryptoBullet, JASMY has already completed four major waves, leaving room for one last rally in Wave 5. Previous waves show strong upward momentum, with Wave 3 displaying the most powerful movement, aligning with typical Elliott Wave behavior.
Currently, JASMY is in a corrective Wave 4, where prices consolidate after the highs of Wave 3. The upcoming Wave 5 is projected to reach between $0.085 and $0.125, with CryptoBullet cautioning against overly optimistic price targets due to market structure and previous performance.
What you'll learn 👉
Fibonacci Levels Reinforce Target Zone
In addition to Elliott Wave analysis, CryptoBullet’s chart incorporates Fibonacci retracement and extension levels to mark support and resistance zones. The 0.5 Fibonacci level aligns with the Wave 4 correction, underscoring this level as a significant retracement for the pullback.
Meanwhile, the 1.618 Fibonacci extension aligns closely with the upper boundary of the projected Wave 5 range at $0.085, reinforcing this target as a feasible high for the next upward move.
CryptoBullet’s target range of $0.085 to $0.125 highlights where potential resistance may emerge. If JASMY reaches this zone, it could experience selling pressure that might end the current upward trend.
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Support and Resistance Levels Indicate Market Structure
The current price structure also reflects specific support and resistance zones for JASMY. The $0.015 level, formed during Wave 4, is crucial for sustaining a bullish outlook.
Should JASMY maintain this support, it may provide the foundation necessary for an upward movement into Wave 5. Conversely, a breakdown below $0.015 could disrupt the expected bullish wave.
In terms of resistance, the $0.085 to $0.125 range, anticipated as the peak of Wave 5, will likely act as a substantial resistance area. If the price advances into this region, JASMY could encounter considerable selling pressure, capping the upward potential.
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