Decoding The JASMY Price Structure!

31 июл.

The JASMY had a breakout in May end 2024 out of a symmetrical triangle pattern, which signified a more than 165% increase on the daily chart. However, the instability led the price to deteriorate to $0.02.

After the sustenance with a larger market, from July 5th onwards, JASMY’s bullish structure commenced once again after the June sell-off, which ended with the coinciding support at the 200-day EMA.

The traders spotted opportunities to buy the dip, Amid the previous oversold conditions. This increased liquidity enabled it to build up momentum for a significant trend reversal.

Several indicators point towards further acceleration in gains and that JASMY is still in the buy zone. Especially with the technical price action hinting at a breakout continuation to June’s peak of $0.04470.

Indicators like 50-day, and 200-day EMA are supporting the upside momentum. The MACD indicator showed a bullish cross with a histogram at 0.00034. The RSI flashed at 56.00, above 14-SMA.

Therefore, the resistance is at $0.03535, and $0.04413, respectively. On the contrary, the support lies at $0.02749, and $0.02248, respectively.