JasmyCoin (JASMY) may be about to have a price rally, according to an analysis shared by World Of Charts on X. The analyst noted that JASMY is consolidating within a bullish pennant, a formation often indicating the potential for a sharp breakout.
World Of Charts notes that the crypto could be gearing up for a possible 120% rally, with price targets that could test previous highs from earlier this year.
JASMY Price Pattern Signals a Potential Breakout
The technical analysis provided by World Of Charts highlights that JASMY is currently consolidating within a tight bullish pennant structure. This pattern suggests that the crypto could be preparing for a breakout in the upward direction.
The pennants have long been considered as continuation patterns, in which a period of consolidation is followed by a resumption of the previous trend—in this instance, upward.
According to World of Charts’ analysis, a rally of up to 120% might be set off if JASMY breaks over the resistance line, therefore guiding the price toward the target around $0.05200. This level aligns with JASMY’s previous high, making it a key target for traders who are looking to capitalize on a confirmed breakout.
Support and Resistance Levels to Watch
The consolidation within the pennant pattern shows clear support and resistance levels. The lower trendline acts as a strong support, while the upper trendline serves as immediate resistance. A breakout above this resistance could spark increased buying activity, potentially accelerating the price toward the projected 120% increase.
Technical traders are paying close attention to these levels as they monitor for a breakout. Moreover, a surge in volume during the breakout would further validate the move and could drive the price upward quickly, according to World Of Charts’ analysis.
Celebrate Dogecoin and Make Big Gains with Doge2014!
Doge2014 raises 500K in days celebrating Dogecoin. Make potentially big profits and get in on exclusive airdrop!
Show more +Read also: Immutable (IMX) Price Breaks Out of Key Pattern – Here’s Why
Volume and Market Sentiment Critical for Confirmation
In addition to the pattern, decreasing volatility within the pennant suggests that a sharp price movement could be imminent. Additionally, a spike in volume would confirm the breakout and support the bullish move toward the $0.05200 target.
Hence, the overall sentiment around JASMY remains cautious but optimistic, with traders keenly observing the charts for any signals that could indicate the next major price movement. Should the breakout occur, JASMY could retest previous highs, delivering substantial returns for investors.
Follow us on X (Twitter), CoinMarketCap and Binance Square for more daily crypto updates.
Get all our future calls by joining our FREE Telegram group.
We recommend eToro
Active user community and social features like news feeds, chats for specific coins available for trading.
Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs.
Copy trading: allows users to copy the trades of leading traders, for free.
User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate.
Source link
