JasmyCoin Price Prediction As JASMY Defies Bearish Calls To $0.02
Highlights
- JasmyCoin's bullish trend steadies within an ascending channel.
- A golden cross and several buy signals affirm the short-term bullish case.
- A potential rejection from the 50% Fibonacci level may lead to sideways trading above $0.25 support.
JASMY exhibited a more robust technical structure on Tuesday, upholding efforts made since the recovery started last week. Based on the JasmyCoin price prediction chart, traders anticipate a return to the previous month’s peak of $0.0445.
JasmyCoin Price Prediction: Assessing the Short-Term Bullish Structure
JasmyCoin maintained a price of $0.0315 during Tuesday’s US trading session, representing a 3% increase over the previous 24 hours, CoinMarketCap data shows.
With trading volume at $160 million and market capitalization at $1.55 billion, both on the rise, trader interest is growing.
JASMY’s bullish structure commenced after the July sell-off, which ended with support at $0.02, coinciding with the 200-day Exponential Moving Average (EMA).
Amid the oversold conditions, traders spotted opportunities to buy the dip. This increased liquidity allows momentum to build up for a significant trend reversal.
Bulls took down the critical resistance at $0.025, close to the 78.6% Fibonacci level and at $0.03.
Several indicators signal that JasmyCoin is still in the buy zone, especially with the technical structure hinting at a breakout to June’s peak of $0.0445.
Traders may increase profits with entries above $0.031, with support confirmed at $0.025.
Backing the uptrend is a buy signal from the Moving Average Convergence Divergence (MACD) indicator, which currently holds above the neutral area. As the green histograms grow in size, JASMY will gain traction to tackle resistance at $0.035 and $0.04.
A golden cross established on the same four-hour chart significantly increases the chances of a larger breakout. This pattern occurs when a short-term moving average crosses above a long-term one, signaling a potential bullish trend.
JasmyCoin price prediction reveals that traders can use the golden cross as a buy signal, indicating a potential price increase. However, pairing it with other indicators like the MACD and the RSI for confirmation is essential.
Conversely, the odds will turn against JASMY’s potential rally should sell-side pressure increase as traders cash out for profit. A correction below $0.03 could turn bloody, with downside risk increasing to $0.025 and $0.02 support areas.
Frequently Asked Questions (FAQs)
1. What does the JasmyCoin project do?
2. How far can the current JASMY rally go?
3. Is it a good time to buy JasmyCoin?
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