JasmyCoin (JASMY) Breaks Resistance — Prepares for a 30% Price Rally

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.

JASMY’s Horizontal Range

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.

So, the ongoing breakout could be wave B in an A-B-C correction, after which the JASMY price will reach new lows.

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.