- JasmyCoin ($JASMY) breaks key resistance, hinting at a potential 35,000% surge.
- $JASMY’s breakout above the descending triangle signals a shift toward bullish momentum.
- Despite volatility, $JASMY’s strong support at $0.010203 fuels potential for future growth.
JasmyCoin ($JASMY) dominates the market as it emerges from a long term descending triangle on the weekly chart which might mean that the altcoin is finally out of the bearish pattern. Further to this, crypto analyst Javon Marks forecasts an incredible price of $4.47842 – an incredible 35,000% upsurge from its current price.
At press time, $JASMY is valued at $0.012154 against Tether on the 4-hour chart, and the cryptocurrency is down by 1.87%. However, the breakout’s momentum combined with high volumes have led to a vital question; can the cryptocurrency continue its upward movement and cause others to follow in the altcoins market?
Understanding the Descending Triangle Breakout
A descending triangle forms when an asset’s price creates lower highs while finding consistent support at a flat level, as the cryptocurrency demonstrates on its weekly chart from 2021 to 2024. Typically, this pattern suggests bearish continuation, but a breakout above the upper trendline flips the script to bullish.
$JASMY’s recent move above this resistance mirrors historical breakouts in other cryptocurrencies. For instance, Dogecoin’s 2021 rally followed a similar multi-month consolidation, leading to exponential gains. Consequently, $JASMY’s breakout hints at a potential shift in market sentiment, positioning it as a candidate for significant upside.
Price Action Signals Bullish Potential
Analyzing $JASMY’s price action reveals a compelling story. On the weekly chart, the coin consolidates for years, with buyers stepping in near the $0.010203 support level before the breakout. The 4-hour chart, however, shows volatility of the cryptocurrency peaks at $0.059054 in late 2024 but retraces to $0.012154 at press time.
Despite this pullback, the breakout above the descending triangle’s resistance, coupled with a spike in trading volume, confirms strong buyer interest. If the cryptocurrency maintains its position above $0.010203, it could establish a foundation for a sustained uptrend, potentially driving further gains.
Analyzing technicals now, bearish but oversold conditions could be a sign using the 4-hour chart RSI score of 33.38. On the other hand, the MACD has a bearish outlook with a value of -0.000409 since the MACD line is below the signal line. However, the weekly chart represents the weekly movements, and it is quite positive on the long-term weekly chart outlook. Although the shorter-term signs point to a pullback, the longer-term picture is more optimistic enough to support a rally.
Can $JASMY Lead an Altcoin Rally?
$JASMY’s breakout positions it as a potential leader in the altcoin space, but short-term bearish signals on the 4-hour chart temper immediate optimism. Nevertheless, the weekly breakout and oversold RSI provide a glimmer of hope. If it holds key support levels, it could indeed trigger a significant altcoin rally, making it a cryptocurrency to watch in the coming weeks.
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