JasmyCoin (JASMY) Nears Breakout as Market Turbulence Eases
- JASMY is nearing the completion of a falling wedge pattern, signaling a potential bullish reversal.
- A strong buy wall is preventing further declines, while resistance remains weak until $0.075.
- Trading volume has surged, indicating increased buying pressure that could trigger a breakout.
- If Bitcoin stabilizes, JASMY may gain momentum for a strong upward move.
JasmyCoin (JASMY) is currently facing a turbulent phase, mirroring the volatility in the broader crypto market. The recent decline in Bitcoin (BTC) has triggered widespread uncertainty, causing fear-driven sell-offs among investors. However, despite the downturn, key technical indicators suggest that JASMY could be on the verge of a major breakout.
At the time of writing, JasmyCoin (JASMY) is trading at $0.013379, with a 24-hour trading volume of $59.29 million and a market capitalization of $659.60 million. The token has recorded a 6.19% decline in the last 24 hours, reflecting the broader markets struggle to regain momentum.
Despite this short-term decline, JASMYs market structure remains promising, with signs of a potential recovery if key resistance levels are breached.
JASMY Falling Wedge Nears Completion
From a technical standpoint, JASMY is approaching the final phase of a falling wedge pattern, which is often associated with bullish reversals. This pattern occurs when prices consolidate within a downward-sloping range before eventually breaking out to the upside.
A strong buy wall below current price levels is providing significant support, preventing further declines. On the upside, resistance is relatively weak, with no major sell walls until $0.075, except for a minor obstacle at $0.02.
If JASMY successfully breaks out of the wedge, historical patterns suggest a rapid price surge toward $0.075 could follow, potentially marking the beginning of a strong uptrend.
Bullish Signals: Volume Breakout Detected
Adding to the bullish outlook, crypto analyst Javon Marks highlighted that JASMYs trading volume has already broken out, signaling increased buying pressure. This surge in volume often precedes strong price movements, suggesting that momentum could soon shift in favor of the bulls.
In previous cycles, similar volume breakouts have led to significant price surges, further supporting the case for a potential rally.
However, while the crypto market remains volatile, the coins technical setup appears increasingly bullish. If Bitcoin stabilizes and buying pressure continues to build, the coin could be on track for a major breakout, targeting higher resistance levels in the coming weeks.
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Read more: https://www.tronweekly.com/jasmycoin-jasmy-nears-breakout-as-market-turbulence-eases/
Text source: TronWeekly
