JasmyCoin (JASMY) Wraps Up First Leg Down — Price May be Ready to Jump 100%

Key Takeaways

• JasmyCoin (JASMY) fell by 82% after its cycle high.
• The JASMY price trades inside a descending wedge.
• Can JASMY break out and regain some of its losses?
• Interested in buying or selling JASMYCOIN (JASMY)? Read our review of the best exchanges to buy and sell JASMYCOIN (JASMY).

The JASMY price has fallen significantly since its cycle high. A bullish pattern contains the decrease, and JASMY trades near its end.

JASMY has shown strength in the ongoing crypto market correction, creating a higher low and two bullish candlesticks since April 7.

Can JASMY sustain its momentum and break out from the pattern? If yes, how much will it increase? Let’s find out.

JASMY’s Bullish Pattern

The daily time frame chart shows that JASMY has fallen by 82% since its cycle high of $0.059. JasmyCoin’s decline led to a low of $0.008 on April 7.

While the downward movement has been significant, the JasmyCoin price has created a descending wedge since the start of the year.

The descending wedge is a bullish pattern that usually leads to breakouts. If one happens, the closest resistance will be at $0.021.

Technical indicators support the possibility of a breakout. The Relative Strength Index (RS) and Moving Average Convergence/Divergence (MACD) have generated bullish divergences.

These divergences enhance the likelihood that the JASMY price will break out.

What’s Next for JASMY?

The long-term JASMY wave count suggests the price has completed a five-wave upward movement (green) with an extended wave three. The sub-wave count is black.

While this means the JASMY trend is bearish, the first portion of the correction could be over.

Looking for a safe place to buy and sell JASMYCOIN (JASMY)? See the leading platforms for buying and selling JASMY COIN (JASMY).

If the count is accurate, JASMY is currently in wave A of an A-B-C corrective structure (red). It is unclear if wave A is over or another short-term decline awaits.

Since the wedge is nearing its end, it is more likely that wave A ended. If so, JASMY is now in wave B. A breakout from the wedge will confirm this.

If that happens, the JasmyCoin price could surpass the $0.22 resistance and move toward the 0.382-0.5 Fibonacci retracement levels at $0.278-$0.338.

Then, a significant downward movement could follow, completing wave C.

JASMY Price Breakout

The JasmyCoin price is correcting after completing a long-term five-wave increase.

While the correction is not over yet, a significant rally is likely as part of wave B in an A-B-C correction.

A breakout from the descending wedge pattern will confirm this JASMY prediction.