- JASMY has breached a month-long consolidation channel and could rally as high as $0.05.
- Weekly profit-taking could slow the price rally; however, technical indicators show a possibility for a higher move.
In the past 24 hours, JasmyCoin [JASMY] has seen a massive price rally, gaining 26%, with its volume reaching $525.23 million—a 440% increase. The coin was trading at $0.034, at press time.
According to AMBCrypto’s analysis, there’s room for more growth in the market; however, certain hindrances could delay JASMY’s potential rally.
Can the upward move be maintained?
JASMY recently broke out of a descending channel formed by lower highs and lows within defined support and resistance. Such breakouts typically indicate a rally move.
This channel had been forming since the 4th of December 2024, suggesting likely accumulation of JASMY at a lower level.
Currently, it is retesting the resistance level of this channel. If this level flips to support, JASMY could rally 84.79% to $0.059, last reached on the 5th of December 2024.
Source: TradingView
While bullish sentiment remains, JASMY could potentially struggle as certain cohorts are selling their assets.
Selling could pause JASMY’s rally
JASMY has recorded weekly profit-taking activity for the first time since September 2024, with $1.89 million worth of the asset sold. This was determined through JASMY’s Exchange Netflow on Coinglass, which turned positive in the past week.
A positive Netflow indicates traders are selling, while a negative Netflow suggests bullish sentiment.
Source: Coinglass
The Funding Rate, which measures the premium paid to maintain positions and keep the difference between Spot and Futures prices low, shows that short traders are in control.
With a Funding Rate of -0.0110%, it suggests the price could fall as short contracts are heavily funded, implying confidence among these short traders.
These negative metrics have contributed to the delay in JASMY continuing its bullish stretch and signal potential further struggles.
Indicators stay positive
Positive signs from indicators suggest that the current delay JASMY is experiencing could be temporary.
The Moving Average Convergence Divergence (MACD), which helps identify trend reversals, has added to the bullish movement. It has formed a golden cross pattern, with the short-term moving average (blue) crossing over the long-term average (orange).
Source: TradingView
This pattern confirms a strong upward trend in the market, suggesting JASMY could rally higher.
Realistic or not, here’s JASMY’s market cap in BTC’s terms
The Relative Strength Index (RSI) measures changes in price momentum and has crossed into the bullish zone above 50. With a current reading of 55.05 and trending upward, it indicates further growth potential.
Overall, JASMY remains bullish, as indicators and chart patterns suggest selling pressure could subside soon.
