Date: Sat, March 08, 2025 | 06:36 PM GMT
The cryptocurrency market continues to face a heavy downtrend following the strong rallies in November 2024. Ethereum (ETH) has dropped significantly from its early December high of $4,000 to its current level of $2,200, delaying the expected altcoin rally.
Among the hardest-hit altcoin is JasmyCoin (JASMY), which has suffered a steep 65% decline over the past 90 days.
This correction has now brought JASMY to a critical support level, where a decisive move could determine its next trend.
Testing Crucial Support
JASMY’s weekly chart highlights a clear downtrend that began after its rejection from the ascending trendline on December 2 at $0.059. This rejection led to a sharp 70% decline, bringing the price down to its current level of $0.016.
The price has now entered in a crucial support zone between $0.015 and $0.018, an red area that has previously acted as a strong rebound point. This zone is further reinforced by the 100 SMA, which is currently acting as a key support level.
Along with this, the MACD indicator is showing signs of a possible momentum shift, as bearish pressure appears to be weakening. If a bullish crossover occurs, JASMY could see a short-term relief rally.
The $0.015-$0.018 range remains a key support zone. Holding this level could lead to a bounce, while a breakdown would likely push the price lower toward the $0.0074 gray area, where stronger buying interest may emerge.
On the upside, if JASMY manages to bounce and reclaim the 25 SMA resistance level, it could trigger a short-term rally toward $0.026. Breaking above this level would open the doors for further upside, potentially leading to a retest of the $0.035 resistance.
Final Thoughts
JASMY is currently at a critical juncture. The presence of strong historical support and the 100 SMA suggests the possibility of a rebound. Moreover, the MACD is showing signs of a potential bounce-back, with momentum appearing to shift in favor of the bulls.
If the price holds above $0.018 and reclaims $0.026, a recovery could be underway. On the other hand, if support fails, JASMY may drop toward $0.0074 before finding solid demand.
Disclaimer: This article is for informational purposes only and not financial advice. Always conduct your own research before investing in cryptocurrencies.
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