JasmyCoin consolidates near $0.004625, suggesting strong buyer interest and potential for further bullish momentum.
Hidden Bullish Divergence and rising RSI suggest that JasmyCoin may be setting up for a significant upside move.
Key resistance at $0.021 and $0.022 could trigger a recovery, pushing JasmyCoin toward $0.03 if buying pressure increases.
According to crypto analyst JavonTM1 on X, JasmyCoin (JASMY) could be setting up for another price surge similar to its 504% rally earlier in 2024. The analyst highlights a recurring pattern, Hidden Bullish Divergence, which appears to be forming once again. He emphasizes that this trend, combined with recent support levels, may lead to another upside surge for JasmyCoin.
https://twitter.com/JavonTM1/status/1843666634281791504
Support Levels and Price Action
The price movement of JasmyCoin reveals two crucial support levels that have formed over time. The first support line emerged around June 2023, followed by a second one between July and September 2024. Both lines reflect an upward movement, indicating consistent buying activity.Â
Notably, JasmyCoin consolidated around $0.004500 after a sharp rise, showing buyer interest at this critical level. Following a pullback, the price now hovers near $0.004625, reinforcing the importance of this zone as a foundation for future upward moves.
In the past, JasmyCoin experienced a breakout at $0.002500, which carried it above $0.005000. The ongoing consolidation around $0.004500 suggests potential for further continuation in the bullish trend.
Momentum Indicators and RSI Divergence
The RSI, highlights the potential for upward momentum. The RSI displayed a bullish divergence in June 2023, when it formed lower lows while the price created higher lows. This divergence pointed to weakening selling pressure and a potential reversal.Â
Similarly, a more recent bullish divergence has occurred between August and October 2024, with the RSI forming higher lows while the price consolidates. This pattern indicates that buying momentum is building once again, and the market may be preparing for an upward move.
Resistance Levels and Future Trends
Moving averages highlight key resistance points for JasmyCoin. The 50-period moving average currently sits around $0.021, while the 200-period moving average stands at $0.022. These levels act as short-term resistance for JasmyCoin. If the price breaks above these averages, it could signal a recovery, pushing towards the previous highs near $0.03 and possibly reaching $0.045.
Source: Santiment
However, should the price fail to maintain support near $0.019, it could experience further declines toward $0.015. Despite this, the market sentiment leans toward an optimistic outlook, provided buying pressure increases and resistance levels are surpassed.
