JasmyCoin Analyst Points to Key Levels and Targets Following Breakout: JASMY Price Prediction
The price of JasmyCoin pumped by more than 20% yesterday which led to a breakout of a descending channel that has been a price resistance since June. The price is now seen retesting the former resistance, trying to find support for price growth.
A successful retest could lead to further appreciation as also seen by “Steph is Crypto” a YouTube channel with more than 27,000 subscribers. Based on a video the channel released less than 24 hours ago JasmyCoin (JASMY) is breaking crucial resistance levels on the daily timeframe.
The coin has moved beyond a downward-sloping resistance line and is explosively moving upwards. It has also broken above the EMA ribbons on the daily timeframe, which is a bullish indication.
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Technical Analysis and JASMY Price Prediction
A Fibonacci retracement was sketched from the high point on June 7th to the low point on July 5th. This shows that JasmyCoin is currently testing the 0.5 Fibonacci level at $0.029, which is a significant area that previously provided support.
The price was able to break above that level yesterday and now faces the next major resistance at the golden Fibonacci ratio at $0.032. Breaking above this could lead to significant gains.
On the weekly timeframe, JasmyCoin is potentially forming a larger cup and handle formation. The neckline of this pattern is approximately $0.45.
A successful weekly close above this level could validate the pattern, targeting a price of around $0.62 by 2025. This represents a potential upside move of nearly 2,000% from the current position.
The analyst believes the bottom of the current correction for crypto is in, indicating it’s a bullish moment rather than a time to be fearful.
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