Judging by the charts, JasmyCoin might be on track for a pullback following its recent surge. The price of JASMY previously showed a notable uptrend, marked by a green arrow.
However, it seems to be forming a head and shoulders pattern, which typically indicates a bearish reversal. The left shoulder and head have already formed, and now the right shoulder seems to be taking shape.
JasmyCoin Price Surge and Potential Correction
Weekly top gainers snap | Source: CoinMarketCap
JasmyCoin has experienced a remarkable 165% surge over the past week, reaching $0.01596 by 2:17 a.m. EST, making it the top gainer among the top 100 cryptocurrencies by market capitalization. However, recent chart analysis suggests a potential correction may be on the horizon.
The price action of JASMY initially showed a significant uptrend, highlighted by a green arrow. However, there are signs of a head and shoulders pattern forming, typically indicating a bearish reversal. While the left shoulder and head have already formed, the right shoulder is currently developing.
If this pattern completes with a right shoulder and the price falls below the neckline, it could signal a reversal of the current uptrend.
The Money Flow Index (MFI) currently stands at 57, indicating moderate buying pressure. However, it is rapidly decreasing, suggesting fading buying momentum as it exits the overbought territory.
1-hour JASMY/USDT chart “ Source: TradingView
Meanwhile, the Relative Strength Index (RSI) sits at 53, indicating a neutral stance in price movement. However, its trajectory towards the oversold region supports the potential for correction as investors may begin selling for profits.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
Join Cryptos Headlines Community
Follow Cryptos Headlines on Google News
Author
