The crypto analyst known as Steph is Crypto, who boasts over 20,000 followers on X, provided insights on JasmyCoin (JASMY). He noted an emerging cup and handle pattern on the weekly chart, suggesting that a confirmed breakout could lead to a substantial price increase, potentially reaching $0.62.
Currently, JasmyCoin is priced around $0.0187. A surge to $0.62 would represent an astonishing 3,300% increase, far exceeding a 30x return on investment.
The analyst detailed the chart of the JASMY/USDT pair, emphasizing the significance of the cup and handle pattern. This classic bullish continuation pattern often indicates a strong possibility of upward movement following a breakout.
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Show more +The cup portion of the pattern has been developing from early 2022 to mid-2023, characterized by a rounded bottom. This formation signifies a gradual transition from bearish to bullish sentiment, indicating that selling pressure has lessened over time. Consequently, buyers have gained momentum, driving the price higher.
Following the cup, the handle has formed as a small descending channel or flag from mid-2023 onward. This consolidation phase represents a brief pause or minor correction, a typical occurrence before a potential breakout. The price retracing slightly from the peak of the cup creates a lower high, setting the stage for the next upward movement.
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According to the analyst, if the handle breaks out to the upside, it would validate the pattern and likely lead to a significant bullish movement. The chart suggests a target price of $0.62, aligning with the height of the cup added to the breakout point. This target signifies a substantial rally from the current price.
A crucial aspect of this analysis is the horizontal resistance line at the top of the cup, which serves as the key breakout level. A close above this resistance on the weekly chart could initiate the next major rally for JASMY.
The cup and handle pattern is recognized as a reliable bullish indicator, and JASMY’s chart demonstrates this formation clearly on the weekly timeframe. If JASMY/USDT breaks through the resistance of the handle, it could trigger a rally with a target of $0.62.
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