JASMY Price Settles on Support Zone After 26% Correction — What’s Next?

Key Takeaways

• JASMY hit an all-time high of $0.044 in June.
• Support at $0.020 is crucial for confirming a bullish outlook.
• The bearish scenario suggests a potential retest of $0.015.

JASMY’s price has experienced significant volatility, moving through bullish and bearish phases. With its recent price fluctuations and key support levels in focus, traders are closely watching for the next major trend.

Here are the key takeaways from the latest JASMY price analysis.

JASMY Price Analysis

The price of JASMY reached its all-time high of $0.044 on June 7, rising nearly 1,500% from October 2023.

However, a correction started as it finished a five-wave impulse in a bull cycle.

At first, the price fell to a low of $0.020 on July 4 but recovered to a high of $0.033 on Aug. 28. 

Its subsequent downturn led to a lower low on Aug. 5 of $0.015 at its wick, but the daily candle closed at $0.020. The momentum slowed down, so after a slight recovery, the price returned to $0.017 on Sept. 6, which could be the ending point of this WXY correction. 

JASMY made a higher high of $0.025 on Sept. 28 compared to $0.024 in August, rising 46% from its previous low.

This could have been the signal of the starting bull phase, yet a faster drop occurred than the price previously rose, indicating sellers might still be in control. 

A bounce could confirm the bullish outlook as the price was again around $0.020 horizontal support from the 0.618 Fibonacci level.

At the same time, a move below it would point to further downside and lower values than in August. 

The main question is whether the correction was completed as a WXY or whether the rise since September is its second wave X, leading to one more low of wave Z to develop.

To be sure, we will examine the wave structure behind this move in a lower time frame. 

JASMY Price Prediction 

Looking closely at the hourly chart and analyzing the wave structure, we can see specific problems with the bullish count. Namely, even though the rise from Sept. 6 could be a five-wave impulse, JASMY should have moved in a three-wave manner and ended its descent sooner on the following downturn. 

It is also possible that this is a correction after the first five-wave impulse, and its next move could lead to a breakout above the descending resistance.

However, the choppy price action in the ascending channel makes it hard to pinpoint the wave structure. 

Usually, these choppy price actions are corrective. In conjunction with a faster decline, buyers indecisively push the price up while the seller’s strength is determined.

Considering the price context, the bearish outlook is still the primary one. 

In this scenario, we can expect further downtrend continuation at a lower low of $0.015 for its final retest of the descending support. 

Read more: JasmyCoin Price Prediction 2024: JASMY Price Analysis