JASMY Price Tests Key Descending Resistance — Breakout Likely Imminent

Key Takeaways

• Descending wedge breakout could mark a trend reversal.
• Fibonacci resistance levels define key reaction zones.
• Wave (v) target aligns with the 1.618 Fibonacci extension.
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JASMY has been trading within a prolonged downtrend but could now be ready for a potential reversal.

The higher time frame suggests completing a corrective phase within a falling wedge pattern, while the lower time frame presents an ongoing impulsive wave structure.

A breakout above key descending resistance could confirm a bullish continuation.

JASMY Price Analysis

JASMY has been in a long-term downtrend after reaching a cycle high of $0.05926, completing a five-wave Elliott structure.

The price has since corrected within a well-defined descending wedge, typically a bullish reversal pattern.

The final corrective phase appears to have ended near the 0.786 Fibonacci retracement level at approximately $0.0140, suggesting a potential bottom formation.

The Relative Strength Index (RSI) has been hovering in oversold territory but has now started to recover, indicating that selling pressure is waning.

This exhaustion of bearish momentum often precedes a strong bounce, provided key resistance levels are cleared.

The first notable resistance lies near the 0.786 Fibonacci retracement at $0.015 and the descending resistance.

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The overall market structure suggests that if JASMY can break out of the wedge with strong volume, it may enter a bullish phase, targeting higher Fibonacci levels such as $0.024 (0.618 retracement).

However, failure to maintain support above $0.0150 could result in a retest of the previous low near $0.0100.

JASMY Price Prediction

The 1-hour chart presents a developing impulsive Elliott Wave structure following the completion of a corrective phase.

JASMY appears to be progressing through a five-wave sequence, with wave (v) still unfolding.

This wave structure suggests prices could continue higher in the short term and break above the descending resistance level.

Wave (iii) has already reached a local peak, and wave (iv) is undergoing a corrective pullback. A successful bounce from current levels could initiate wave (v), competing with the leading diagonal.

This level also intersects with the descending trendline, making it a crucial resistance zone.

After completing wave (v), a corrective ABC retracement is expected, with potential support at the 0.5 ($0.0148) and 0.618 ($0.0153) Fibonacci levels.

This would be a retest of the broken resistance for support, and if it is successful, one will lead to more upside. If JASMY sustains momentum, it could reattempt a breakout, targeting the $0.0200 level and beyond.

A confirmed move above $0.0194 would validate further bullish continuation, while a breakdown below $0.0130 could signal weakness, leading to another leg down toward $0.0128.

If JASMY maintains its upward structure, it could confirm a trend reversal, setting the stage for a sustained recovery in the coming sessions.

Key Levels to Watch

• Immediate Resistance: $0.0194 (1.618 Fibonacci extension).
• Key Resistance: $0.0243 (0.618 Fibonacci retracement).
• Critical Resistance: $0.0309 (0.5 Fibonacci retracement).
• Immediate Support: $0.0150 (0.786 Fibonacci retracement).
• Key Support: $0.0148 (0.5 Fibonacci level of recent impulse).
• Bullish Target: Above $0.0200 if wave (v) extends.
• Invalidation Zone: Below $0.0130, negating the bullish setup.