Jasmycoin (JASMY) has shown consistent upward momentum in the past 24 hours but now faces a key resistance zone. The asset’s technical indicators suggest that bullish momentum is strong, but traders remain cautious about potential pullbacks. Let’s analyze JASMY’s price action, support levels, and future outlook.
Price Movement and Channel Analysis
JASMY remains firmly within an ascending channel that began on December 12. The price has steadily climbed, marking higher highs and higher lows. At the time of this analysis, JASMY trades at $0.04612, reflecting a 3.69% surge in the last 24 hours.
The channel’s upper boundary, currently near $0.0485, acts as a short-term resistance zone. Meanwhile, around $0.0435, the lower boundary remains a strong support level. Price action will likely remain range-bound until JASMY breaks out of this channel.
Source: TradingViewEMA Insights
The Exponential Moving Averages provide additional clarity, which are at 20 EMA (Short-term) – $0.04555, 50 EMA (Mid-term) – $0.04497, 100 EMA (Long-term) – $0.04455, and 200 EMA (Support) $0.04381 respectively.
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The price is currently above all major EMAs, indicating a bullish undertone. However, the 20 EMA and 50 EMA are narrowing, signalling potential consolidation. Bullish control may persist if the price can be maintained above 20 EMA. However, a fall below the 50 EMA could lead to a short-term correction.
Resistance and Support Levels
- Immediate Resistance: $0.048 (Upper channel boundary)
- Next Target: $0.050 (Psychological barrier)
- Key Support: $0.0435 (Lower channel boundary)
- Secondary Support: $0.04381 (200 EMA)
For JASMY to break through $0.048, volume needs to rise significantly. Failure to breach this level could cause the price to retrace toward the channel’s lower boundary.
Market Sentiment and Volume Trends
Although the price has been trending upward, market sentiment appears mixed. Trading volumes are not consistently increasing, raising concerns about momentum sustainability. Bullish confirmation would require a significant spike in buying activity as the price approaches resistance.
Conclusion
Jasmycoin is at a critical juncture, trading within an ascending channel while testing short-term resistance near $0.048. A breakout above this level could propel the price toward $0.050, while failure to do so might lead to a pullback toward $0.0435 or the 200 EMA. Traders should monitor volume closely, as it will play a key role in determining the next move. Jasmycoin’s overall trend remains bullish, but caution is advised until a breakout is confirmed.
The post Jasmycoin Faces Crucial Resistance After Sustained Uptrend, Showcasing a 24hour 3.69% Uptrend in 24 hours: More Green Expected? appeared first on FXcrypto News.
