Date: Thu, Sept 19, 2024, 06:23 PM GMT
The cryptocurrency market has started a bullish rally, fueled by the U.S. Federal Reserve’s decision to cut interest rates by 50 basis points in a monumental move. This news triggered a positive reaction across the market, with Bitcoin (BTC) leading the charge, jumping 5.19% in the past 24 hours to surge above $63K.
But it’s not just Bitcoin stealing the spotlight—Jamycoin (JASMY) has also caught the attention of investors today, gaining over 7.75% in the last 24 hours.
Key Breakout: Jamycoin’s Descending Wedge
JASMY’s recent rise can be attributed to a breakout from a descending wedge pattern on the 1-day chart, which we have predicted earlier. The breakout happened around the $0.01979 level, and the token has been climbing steadily ever since.
Key Level to Watch for Rally Confirmation
Popular crypto analyst @StephisCrypto shared his analysis on YouTube, pointing out that JASMY is currently trading at $0.02124. He emphasized the importance of a daily close above $0.0215 to confirm a true breakout, as there was a fake-out just a few days ago. According to him, a break above the $0.0215 swing high from September 14th would confirm a stronger bullish move.
Should Jamycoin successfully break this level, the next target is the $0.02341 resistance, offering the potential for a 12% gain from its current price.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Always do your own research before making any investment decisions.