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JasmyCoin Price Increase Leads Weekly Gainers but Wave Count Suggests JASMY Close to High

Last Updated May 31, 2024 12:50 PM
Valdrin Tahiri
Last Updated May 31, 2024 12:50 PM

Key Takeaways

  • JASMY has increased by nearly 50% in the last seven days, reaching a new yearly high.
  • The JasmyCoin price increase was parabolic. It created a steeper trend line each bounce.
  • Can JASMY break out from its main horizontal resistance area, or will it reach a top instead?

The JasmyCoin price has increased over 350% since the start of the year, reaching a new yearly high of $0.032 today on May 31. The increase accelerated this week, causing JASMY to become the top gainer in the cryptocurrency market and rank #62 based on its market capitalization.

However, the lack of a clear pattern during the recent price surge raises concerns about the sustainability of JASMY’s upward movement. This uncertainty raises a key question: is JASMY approaching a top, or will the uptrend continue?

JASMY Approaches Long-Term Resistance

The JASMY price has increased since the start of 2024. In July, it created a higher low and accelerated its upward movement, leading to a high of $0.027 in March. After a two-month correction, JASMY began another increase that led to a new yearly high of $0.032 today on May 31.

JASMY  is approaching the first long-term resistance at $0.036, which has existed since the start of 2022.

An interesting characteristic of the upward trend is the price has not followed any certain pattern. Rather, it created a steeper ascending support trend line every time it bounced. While this is unsustainable in the long run, it can lead to notable increases in the short-term.

JASMY Price Increase
JASMY/USDT Weekly Chart | Credit: TradingView

While the trend is still bullish, technical indicators are showing the first signs of weakness. This is visible in the bearish divergences developing in the RSI (green) and the MACD’s momentum bars.

So, the weekly time frame implies the trend is still bullish, but the JASMY price can reach a top soon.

JASMY Price Prediction: Where Will the Top Be?

The daily time frame wave count shows that JASMY started a five-wave increase in October 2023 (black). If the count is accurate, the price is now in the fifth and final portion of this increase.

The defining trait of this count is the symmetrical triangle in wave four, the most common pattern in this wave. The 1.61 external Fibonacci retracement of wave four gives a target of $0.035, which aligns with the long-term resistance at $0.36.

JASMY Wave Count
JASMY/USD Daily Chart | Credit: TradingView

Moving further back, this entire JasmyCoin price increase is likely part of wave three in a five-wave upward movement (white), which has extended. So, the entire previous count creates the sub-waves for this wave three.

Wave three is already over 4.61 times bigger than wave one, further supporting the hypothesis that a top is near.

JASMY Future Wave Count
JASMY/USDT 3-Day Chart | Credit: TradingView

After the movement is complete, a significant correction could happen. In that case, the closest support will be at $0.024. The previous yearly highs create this area.

JASMY Top is Near

The JASMY price has increased significantly in 2024 but there are several signs pointing to an impending market top. More specifically, the lack of a pattern for the increase, the bearish divergences in the MACD and RSI and the ratios of wave three relative to wave five all point to a price high close to $0.036. Afterward, a lengthy correction is probable before the price begins another increase.

Disclaimer
Please note that the contents of this article are not financial or investing advice. The information provided in this article is the author’s opinion only and should not be considered as offering trading or investing recommendations. We do not make any warranties about the completeness, reliability and accuracy of this information. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. Any investor, trader, or regular crypto users should research multiple viewpoints and be familiar with all local regulations before committing to an investment.
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