JasmyCoin Poised for Major Breakout Following Recent Decline
JasmyCoin Eyes Bullish Breakout Amid Market Volatility
JasmyCoin (JASMY), a cryptocurrency designed to empower users with control over their data using blockchain technology within the Internet of Things (IoT) space, currently ranks #61 on CoinMarketCap with a market capitalization exceeding $1.22 billion. Recent weeks have seen a decline in JASMY’s value due to external market pressures, such as the German government’s Bitcoin movements and payouts from the defunct exchange Mt. Gox, contributing to increased selling pressure and volatility.
However, signs of recovery are emerging. The coin dropped 16% in the past two weeks and 30% over the last month, landing at $0.0247, but it is showing potential for a 50% breakout. Technical indicators like the Moving Average Convergence Divergence (MACD) suggest a bullish trend as the blue MACD line is poised to flip above the red signal line. The coin is up nearly 5% on the day, signaling key buy signals.
Key resistance levels to watch include the $0.025 mark, which aligns with the 23.6% Fibonacci level and crucial Exponential Moving Averages (EMAs). Breaking above these levels could push JASMY towards its previous peak of $0.045, especially if it breaches the descending channel from its June high.
JasmyCoin appears to have bottomed at $0.02, a critical support level tested twice, with bulls targeting higher levels, including the 200-day EMA at $0.0277 and further resistance at $0.03 and $0.038. A successful breakout could lead to significant gains, potentially propelling the coin beyond $0.045.
Investors can trade JASMY on major exchanges like Binance, KuCoin, and Coinbase. While it currently ranks #61, it has the potential to enter the top 50 coins in the medium term. The next few weeks will be crucial in determining whether JASMY can capitalize on its current momentum and enter a bull run.
Note: This content reflects the author’s analysis and is subject to market conditions. Conduct thorough research before investing in cryptocurrencies.
