Date: Thu, Dec 05, 2024, 07:01 AM GMT
The cryptocurrency market continues to deliver surprises, with Bitcoin (BTC) making history today by crossing the $100,000 mark. This milestone has spurred bullish sentiment across the crypto space, pushing altcoins into solid rallies.
Among the top gainers, Jasmycoin (JASMY), the native token of the Jasmy IoT platform, has captured investors’ attention after completing a textbook cup and handle pattern breakout on its daily chart.
Following the breakout, JASMY has surged by over 17%, trading at $0.04667 with a market capitalization of $2.30 billion. Weekly gains for the token now stand at a staggering 84%, as the altcoin continues to lead the bullish wave.
Cup & Handle Breakout
JASMY had been consolidating in a cup and handle pattern since March 2022, a formation widely recognized as a bullish continuation pattern. Today, JASMY finally broke through the critical neckline resistance (marked by the blue trendline) at $0.04343, signaling a major breakout that could set the stage for further upside.
Is A Big Rally Ahead?
With this breakout, JASMY appears poised for a substantial rally if bullish momentum sustains. The next key level to watch is the horizontal resistance at $0.049. Should JASMY break above this zone, the token could initiate a fresh bullish leg that may drive its price toward the psychological level of $0.10.
A move to $0.10 would represent an upside of over 120% from the current price, making JASMY a token to watch closely in the coming weeks.
Final Thoughts
JASMY’s major breakout, combined with Bitcoin’s dominance showing signs of decline, indicates a promising setup for further bullish momentum. However, investors are advised to remain cautious and keep an eye on key resistance levels and overall market dynamics.
Disclaimer: This article is for informational purposes only and not financial advice. Always conduct your own research before investing in cryptocurrencies.