- JasmyCoin (JASMY) has formed a classic cup-and-handle pattern and is retesting the key neckline at $0.035, a critical support-turned-resistance zone.
- The cryptocurrency has moved back into the green zone alongside Bitcoin's recovery from $92,000 to above $98,000 over the past 48 hours.
- If the retest confirms with a strong bounce from $0.035 support, JASMY could potentially rally to $0.10, representing over 150% upside from current levels.
- Technical indicators show bullish momentum with RSI above 56 and strong volume profile support in the $0.035-$0.040 range, though validation depends on holding the support zone.
Date: Wed, Dec 25, 2024, 06:00 PM GMT
Over the past 48 hours, the cryptocurrency market has shown encouraging signs of recovery following recent corrections. Bitcoin (BTC), which briefly fell to $92,000 last week, has regained strength and is now trading above $98,000.
Along with this, JasmyCoin (JASMY) has also moved back into the green zone. The recent price action suggests that a potential bullish reversal could be in play, as highlighted by crypto chart expert @JohncyCrypto.
Retests Key Cup & Handle Neckline
As per analyst, JasmyCoin’s weekly chart shows the token forming a classic cup-and-handle pattern, which is widely regarded as a bullish continuation pattern. The price has recently retested the broken neckline of this structure at the $0.035 level—a critical support-turned-resistance zone.
The cup-and-handle pattern indicates that JASMY may be building momentum for a significant breakout. Should the retest confirm with a strong bounce, there is potential for the price to rally towards the next key resistance at $0.10, representing a potential upside of over 150% from the current levels.
Key Observations from Analysts:
- The Volume Profile (VPVR) indicates substantial buying interest around the $0.035-$0.040 range, reinforcing this zone as a critical support area.
- The RSI (Relative Strength Index) on the weekly chart remains above 56, signaling bullish momentum while leaving room for additional upward movement.
- Trading volumes during the retest have shown promising signs, suggesting market participants are actively defending this level.
Is A Reversal On The Horizon?
The current setup positions JasmyCoin at a crucial juncture. A confirmed bounce from the neckline could mark the beginning of a strong reversal, in line with the broader market recovery. However, the validation of the pattern heavily depends on whether the $0.035 support zone can hold over the coming days.
Traders are advised to monitor this level closely, as well as the overall sentiment in the cryptocurrency market. If Bitcoin and other major assets continue their recovery, JASMY could benefit from the broader bullish momentum.
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