Date: Fri, February 28, 2025 | 05:32 PM GMT
The cryptocurrency market has experienced one of the sharpest sell-offs of 2025 today, with Bitcoin (BTC) plunging to $79,000 before recovering slightly to $84,000. Meanwhile, Ethereum (ETH) remains down by over 4%, and most altcoins continue to face downward pressure.
Despite the broader market downturn, JasmyCoin (JASMY) has shown resilience with minor drop, holding key support level after undergoing a significant 43% correction over the past 60 days.
Testing a Key Support Level
According to crypto analyst @JohncyCrypto, JasmyCoin (JASMY) is currently trading within a descending channel on the daily timeframe, a pattern that emerged after a rejection from the December 6 high of $0.059. Since then, JASMY has followed a structure of lower highs and lower lows.
Now, after a major 70% correction from its December peak, JASMY has reached a critical support zone between $0.0167 and $0.0185, aligning with the lower boundary of the descending channel. This area has acted as a historical support level, where price previously rebounded.
If this support holds and JASMY bounces from this level, a breakout from the descending channel could trigger a strong recovery, targeting key resistance levels at $0.0210, $0.0255, $0.0320, and $0.0410—a potential 130% upside move from current price levels.
The RSI on the daily chart is also hovering near oversold territory, indicating a potential reversal if buying momentum increases. Additionally, the Volume Profile Visible Range (VPVR) shows significant liquidity between $0.030 and $0.041, suggesting that a breakout above the channel could trigger rapid price appreciation.
Final Thoughts
JasmyCoin is at a make-or-break level, with bulls eyeing a potential breakout from the descending channel. If the price successfully rebounds from support, it could spark a major rally. However, if support fails, further downside risk remains.
Traders should closely watch the volume and market conditions, as broader crypto trends—especially Bitcoin’s price action—could influence JASMY’s next move.
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