JasmyCoin (JASMY) Resumes Journey to All-Time High, but One Key Resistance Threatens Bullish Momentum
In our last analysis on JasmyCoin (JASMY), the price broke a key resistance to close above the $0.03 level.
However, seeing that JASMY was close to being overbought, we predicted a retracement before a trend continuation.
The JASMY price correction started the day after, with the price declining by around 9%. Now, the price has resumed the bullish move with a more than 10% rally today alone.
Significant Resistance Could Stop Price Ascent
JASMY has spiked above the last highest price before the two-day correction, and it is now facing resistance at around $0.033.
The resistance is significant because it has stopped the price from going further up at least four different times since mid-June.
A break above that point should make the price follow the A, B, and C Elliott Wave pattern in the chart. You can simply interpret it as a breakout, then a retest, followed by a continuation to the next key resistance.
Breaking and holding the next $0.033 resistance is key to a possible 14% price rally to $0.037 in the short term, as it continues its journey to its previous all-time high.
At the time of writing, the daily chart RSI is at 59, strengthening the bullish possibilities.
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The 50-day Simple Moving Average is now below the price, forming support at the point where the bullish continuation started today. This also points to a short-term bullish bias.
Indicators are pointing to bullish possibilities. However, we need to see a break from the price resistance at $0.033 first.
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