Date: Fri, Dec 13, 2024, 10:16 AM GMT
In the cryptocurrency market from yesterday, the major altcoins have once again started to make their upside rallies after the earlier correction observed at the start of this week. Following this trend, the price of JasmyCoin (JASMY) has come back on the green track today, with its monthly gains soaring to an impressive 125% and its market capitalization reaching $2.15 billion.
Analyst Insights
JasmyCoin’s recent performance has sparked discussions about its future potential. Crypto technical analyst @HexaTrades shared a detailed chart analysis suggesting that JASMY could be gearing up for a significant bullish move.
The weekly chart of JASMY/USDT, as analyzed by @HexaTrades, highlights that JASMY is making a retest of its breakout from the cup-and-handle pattern, a crucial step to confirm the breakout’s validity. Retests like this are often considered a healthy technical move, as they solidify the breakout and prepare the asset for further upward momentum.
Key observations from the chart include:
- Neckline Resistance Successfully Broken:
After months of consolidation, JASMY has recently broken above its critical neckline resistance. This breakout indicates the potential for further upside, as it signals that buyers have gained control over the market. - Upside Target Formation:
Based on the chart projection, the cup-and-handle breakout suggests a potential target of $0.12. This target aligns with the green zone illustrated on the chart, which represents a significant 175% upside potential from its current price.
Future Outlook
As per the chart, JASMY appears to be undergoing a retest of its breakout from the cup-and-handle pattern. This retest is a healthy technical move that often confirms the strength of the breakout. If the reversal from this retest holds, JASMY could rally to $0.12, which represents a 175% increase from its current price of $0.0435.
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