Where Will the JASMY Breakout Lead to? | Credit: Derek Fenech
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Key Takeaways
JasmyCoin (JASMY) trades inside a long-term horizontal range.
The JASMY price broke out from a short-term descending wedge.
Can JASMY continue its progress and increase its range to a high level?
JASMY performed admirably beginning in the second half of 2023. The price increase continued until December 2024, leading to a high of $0.059.
While the JASMY price pulled back afterward, it recently broke out from a bullish pattern, hinting at another rally.
With momentum building again, the question remains — Can JASMY sustain this increase toward new highs, or is this just a relief rally leading to new lows? Let’s examine the charts and find out.
The weekly time frame chart shows that JASMY has traded inside a range between $0.017 and $0.040 for nearly a year. The price briefly moved above this range in December (black circle) but could not sustain its increase and fell below it shortly afterward.
This week, the JASMY price created a bullish candlestick that took it above the range’s midline (white). If the price trades above this level, a movement toward the range high is more likely.
Conversely, falling below the midline makes a decline toward the range low the more likely possibility.
Technical indicators are mixed. The Relative Strength Index (RSI) and Moving Average Convergence/Divergence (MACD) fall above their bullish thresholds at 50 and 0, respectively. However, the MACD just made a bearish cross (black icon).
The daily time frame supports an increase toward the range high since it shows that JASMY broke out from a descending wedge, which is considered a bullish pattern.
The RSI and MACD also broke out from their resistance trend lines (green), legitimizing the price movement.
The 0.5 Fibonacci retracement resistance level is at $0.041, providing some confluence with the range high for a potential local top.
So, while an increase in the resistance is likely, it is unclear if it will lead to a breakout or rejection.
Relief Rally or New Highs?
While the price action points to an eventual breakout, the wave count gives a more bearish long-term JASMY prediction, suggesting that the upward movement may be over.
This is because the price has completed a five-wave upward movement (white) since the start of 2023, where wave three extended. The sub-wave count is in black.
Wave five ended at the 1.61 external Fibonacci retracement resistance level, a likely spot for the end of the upward movement.
Moreover, between waves three and five (green), the weekly RSI and MACD showed bearish divergences, which are associated with bearish trend reversals.
While wave five may extend, it is more likely that the possible breakout is simply a relief rally that will eventually lead to new lows. The range high of $0.040 is the most likely spot for wave B to end.
JASMY’s Increase May Be Over
JASMY showed strength by breaking out from a descending wedge pattern, signaling that an upward movement toward the range high is the most likely future outlook.
However, the wave count suggests JASMY’s long-term increase is over, and the ensuing breakout will be just a relief rally.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
Valdrin Tahiri is a cryptocurrency analyst and reporter at CCN, specializing in technical analysis with a focus on Elliott Wave theory, on-chain metrics, and fundamental research. He brings over seven years of experience in the crypto space as both a trader and writer.
He discovered cryptocurrencies in 2017 while earning his MSc in Financial Markets at the Barcelona School of Economics, which sparked a deep interest in blockchain and market dynamics. Since then, he’s contributed to top crypto outlets like BeInCrypto and CoinGape.
Valdrin also served as Community Manager of BeInCrypto’s Telegram group for three years, helping grow it into one of the largest crypto communities worldwide. His expertise in market structure and price patterns allows him to break down complex trends into clear, actionable insights.
He’s published thousands of articles covering altcoins, Bitcoin cycles, and macro trends.
