Date: Tue, Jan 07, 2025, 11:54 AM GMT
As the cryptocurrency market kicks off the new year, notable upside momentum is being observed among altcoins, driven by Bitcoin’s (BTC) impressive climb from its December 31 low of $92K to its current price above the $100K milestone. This shift has provided a favorable rebound for major altcoins after last month’s correction.
Following the momentum, JasmyCoin (JASMY) is experiencing a significant recovery, climbing over 16% in the past seven days.
This surge has brought its price to a critical resistance level, hinting at a potential breakout, according to the latest analysis by prominent crypto analyst @Steph_iscrypto.
Double Bottom: A Bullish Signal?
According to the analyst, the double bottom pattern forming on the JASMY chart is signaling a potential bullish breakout in the short term.
The chart clearly highlights two distinct lows at similar price levels, confirming the double bottom structure. Currently, the price is trading at $0.038 and testing the neckline resistance at $0.041, which is a critical level that analysts are closely monitoring.
If JasmyCoin manages to break above this resistance, it could potentially rally toward a projected target of $0.05103. This target is calculated by measuring the height of the double bottom pattern and projecting it upward from the neckline.
An analyst commented, “Double bottom breakout looming for #Jasmy in the short term!” They stress that increased trading volume during the breakout would be a key factor in confirming upward momentum.
What Lies Ahead for JasmyCoin?
As the price hovers near the neckline resistance, several key levels are being closely watched. The neckline at $0.041serves as the critical breakout point, while the breakout target is projected at $0.05103. On the downside, the previous lows act as a support zone, offering a safety net if the price retraces before attempting another breakout.
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