Direction
Published
October 24, 2024
Status
Token
JASMY
Trigger
Chart PatternSupport/Resistance
Type
Chart Analysis
Updated
About + Tokenomics
Token Name | JasmyCoin |
Symbol | JASMY |
CoinMarketCap Rank | 75 |
Market Cap | 880M |
Volume 24h | 28M |
Total Supply | 50B |
Circulating Supply | 49B |
Chart Analysis
JASMY has delivered a disappointing performance lately. Therefore, I thought it is time to have a closer look at its char again. Let’s go through
- Key Levels: JASMY trades between a strong support zone around $0.016 and a clear resistance at $0.024. These levels have been tested multiple times, confirming their significance in the current price action.
- Ongoing Consolidation: We’re witnessing a consolidation phase between these two levels, mirroring a similar period earlier this year, which lasted 89 days. The current consolidation has been ongoing for 85 days, suggesting we may soon see a decisive move as the pattern reaches maturity.
- Potential Breakout: A breakout above the $0.024 resistance could set the stage for a bullish push, with the first target around $0.032. Watching for increased volume will be crucial to confirm any breakout. If momentum builds, this target could be achievable as the market structure aligns for a potential upside.
Technical Indicators
JASMY’s indicator print a bearish picture that aligns with its recent price action. Especially the VMA and MACD show strong bearish signs.
- MACD: Bearish 🔴
- RSI: Neutral 🟢
- VMA: Bearish 🔴
- Triple EMA: Price trades below all EMAs 🔴
- ADX: 16, indicating no trend 🔴
Chart
Trade Setup
While it is possible to trade the price movement towards the resistance, I consider it as too risky. On the contrary I wait for a clear break of the resistance before entering a trade. However, this is not yet on the table.