Date: Fri, Jan 31, 2025, 04:34 AM GMT
The cryptocurrency market has been showing upside momentum over the last 24 hours, fueled by Bitcoin’s (BTC) reaction to the FOMC meeting, where interest rates were kept unchanged. BTC briefly touched $106K before retracing to $104K, sparking a wave of gains in altcoins.
Following this, top altcoins including JasmyCoin (JASMY) and Curve DAO Token (CRV) are coming back on green track with noticeable gains. JASMY has surged by an impressive 26% following a key falling wedge breakout, while CRV is up by 5%, hinting at a potential move similar to JASMY’s.
JasmyCoin (JASMY)
JasmyCoin has officially broken out of a falling wedge pattern, a bullish technical setup that often signals the end of a downtrend. The price found strong support near $0.023, aligning with the 200-day simple moving average (SMA), which provided a solid foundation for the current uptrend.
The breakout occurred after JASMY crossed the upper wedge resistance at $0.028, along with the 25-day and 100-day SMAs, further strengthening the bullish outlook.
Currently, JASMY is trading at $0.03260, after surging 26% in the past 25 hours. The price may undergo a brief retest before continuing its upward move. If JASMY maintains momentum, the next key resistance levels to watch are $0.037 and $0.041, representing an additional 30% upside from the current price.
Technical indicators are supporting the bullish trend. The MACD has flipped positive, with the signal line crossing above the MACD line, indicating increasing buying pressure.
Curve DAO Token (CRV)
CRV appears to be following a similar pattern, showing strong momentum as it approaches the upper boundary of a falling wedge pattern. The token recently found support at $0.67, a level that aligns with the 100-day SMA, helping to prevent further declines.
Currently, CRV is trading at $0.77 and is nearing its immediate resistance at the 25-day SMA. If it manages to break above this level, it will face a key test at the upper wedge resistance. A confirmed breakout from this pattern could push CRV toward $1.04, a 34% increase from its current price.
The MACD is showing early signs of a potential bullish crossover, suggesting that momentum is shifting in favor of buyers.
Final Thoughts
With Bitcoin holding its position above $100K, altcoins like JASMY and CRV are displaying strong bullish momentum. JASMY has already confirmed its breakout and may retest before heading toward higher resistance levels. CRV, on the other hand, is on the verge of a similar breakout, with technical indicators pointing toward a potential upward move.
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