- Jerome Powell's Jackson Hole comments hinting at September rate cuts sparked a crypto rally, with Ethereum reaching a new all-time high of $4,878 and boosting momentum for altcoins including Jasmycoin (JASMY).
- JASMY is forming a Bearish Butterfly harmonic pattern on the daily chart, which despite its name often signals an extended bullish move as the pattern progresses toward completion.
- The cryptocurrency is holding above its crucial 200-day moving average at $0.01577, which could now act as strong support for further upside momentum.
- If the 200-day MA support holds, JASMY could target the Potential Reversal Zone between $0.02235 and $0.02464, representing potential upside of up to 53% from current levels.
Date: Sun, Aug 24, 2025 | 06:56 AM GMT
The cryptocurrency market is taking a breather today after a strong rally sparked by Jerome Powell’s comments at the Jackson Hole event, where he hinted at possible rate cuts in September. Ethereum (ETH) surged to a fresh all-time high of $4,878 following the remarks, sparking momentum across the major altcoins, including Jasmycoin (JASMY).
After its initial rally, JASMY is trading slightly in the red today. But beneath the surface, its chart structure suggests that a bullish continuation could be setting up.
Harmonic Pattern Hints at Potential Upside
On the daily chart, JASMY is forming a Bearish Butterfly harmonic pattern. Despite its name, this setup often signals an extended bullish leg as the pattern progresses into the CD move toward its completion.
The formation began at point X near $0.02056, dropped to point A, rebounded to B, and then corrected again to point C near $0.01454. Since touching that level, JASMY has begun a recovery and is now trading around $0.01603, showing signs of regaining strength.
Crucially, JASMY is holding above its 200-day moving average ($0.01577), a key zone that could now act as strong support. If maintained, this level could provide the base for further upside momentum.
What’s Next for JASMY?
If buyers successfully defend the 200-day MA, JASMY could extend higher into the Potential Reversal Zone (PRZ) between $0.02235 (1.272 Fibonacci extension) and $0.02464 (1.618 extension). A move into this zone would mark the likely completion of the Butterfly pattern and deliver an upside of up to 53% from current levels.
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