Date: Tue, Jan 28, 2025, 06:10 AM GMT
The cryptocurrency market is rebounding from yesterday’s sharp downturn, with Bitcoin (BTC) recovering from its 24-hour low of $97,795 to its current price of $103K.
Amid this turbulence, JasmyCoin (JASMY) also saw a significant drop to a 24-hour low of $0.02399, but it managed to bounce back to $0.02543, though it still remains in the red with a 26% monthly decline.
However, prominent crypto analyst Gert van Lagen provides a more optimistic outlook, focusing on long-term trends rather than short-term fluctuations.
Analyst Insights
According to Gert van Lagen, the weekly chart of JASMY is trdaing in Cup & Handle pattern, a well-known bullish technical formation that often leads to strong upward price movements.
Key Technical Observations:
In February 2024, JASMY broke through a long-term descending trendline that had acted as strong resistance for over three years. This breakout marks a potential shift in market sentiment from bearish to bullish, suggesting renewed investor confidence.
A Cup & Handle formation on the chart further reinforces this bullish outlook. The pattern consists of a large rounded bottom (Cup) followed by a smaller pullback (Handle)—a classic sign of accumulation before a breakout.
Fibonacci retracement levels highlight key price targets. The first major resistance aligns with the 23.6% retracement level at $0.016, which has already been tested. A breakout from the Handle at the 38.2% Fibonacci retracement level of $0.049 could propel JASMY toward the 61.8% retracement level at $0.30. The most significant long-term target remains the 78.6% Fibonacci retracement at $1.00, signaling the potential for a major rally.
Adding further bullish confirmation, a spike in trading volume following the breakout suggests strong buying interest and market momentum, reinforcing the case for continued upside potential.
Conclusion
Overall, the Cup & Handle pattern on JASMY’s chart looks promising, signaling a potential long-term bullish breakout. Key Fibonacci levels suggest significant upside targets, with the possibility of a major rally in the long run.
However, despite this optimistic setup, the current bearish trend needs to be corrected by breaking through the Handle. A successful breakout above this resistance level would confirm the bullish continuation and strengthen the case for further price appreciation. Until then, traders should watch for key support and resistance levels, along with volume confirmation, before making decisive moves.
Disclaimer: This article is for informational purposes only and not financial advice. Always conduct your own research before investing in cryptocurrencies.
The opinions and market insights shared on CoinsProbe represent the views of individual authors based on prevailing market conditions at the time of publication. Cryptocurrency investments carry significant risk and volatility. Readers are encouraged to conduct their own research and seek professional financial advice before making investment decisions. CoinsProbe and its contributors do not accept responsibility for financial losses or decisions made based on published content.
CoinsProbe may publish sponsored articles, affiliate links, or promotional collaborations. All sponsored material is clearly labeled to maintain transparency with our audience. Our editorial decisions remain fully independent, and advertising partnerships do not influence reviews, rankings, or published opinions.
Since 2023, CoinsProbe has delivered reliable insights on cryptocurrency, blockchain, and digital assets. Our content is created by experienced researchers and analysts who follow strict editorial standards focused on accuracy, transparency, and credibility. Every article is carefully reviewed and verified using trusted sources and current market data. We provide unbiased analysis and timely updates covering everything from emerging crypto projects to major industry developments.
