JasmyCoin (JASMY) is showing resilience as it holds the lower trendline of a falling wedge on the 2-day chart. According to the crypto analyst Jonathan Carter, this pattern, often signaling a potential bullish reversal, indicates that the token has found solid footing.
Traders are closely watching, as maintaining this support could mark the start of a meaningful upward move. Recent price action suggests that accumulation is occurring near these discounted levels. Volume indicators imply that larger market participants, often called smart money, may be entering positions quietly.
This buying pressure is gradually countering sellers, signaling confidence in the token’s stability. Such behavior often precedes breakouts when consolidation near a key support zone becomes evident.
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JASMY Targets $0.032 as Wedge Support Holds
The upside potential appears considerable if the wedge pattern holds. Levels such as $0.008, $0.010, $0.014, $0.021, and $0.032 are some of the targets that traders need to monitor.
They are considered profit-taking levels, which can act as entry points for traders. Therefore, it is essential to monitor them. Momentum will be vital for JASMY to hit higher targets.
Source: Jonathan Carter X Post
Despite the bullish setup, it is important to consider risk management. The breakdown below $0.004 might negate the wedge pattern, and a further fall might be possible. The general market conditions, like the Bitcoin market and its liquidity, should be taken into consideration.
Technical analysis, along with a stop-loss policy, will help in managing risks, and the positions will be managed correctly while JASMY is in its consolidation phase.
Momentum Indicators Point to Bearish Pressure
According to TradingView, the RSI is trading at 37.10, which is below the 50 mark but still slightly above the 30 mark. The RSI is therefore indicating bearish momentum, but it is not overly extreme. The RSI’s moving average is trading at 43.68, and it is trending downwards, suggesting that momentum is decreasing.
Source: TradingView
From the MACD indicator, it can be seen that the MACD line is just below the signal line, and the histogram is slightly negative. The presence of negative bars in the MACD indicates a low level of bearish momentum, indicating low selling pressure in the market.
Therefore, this indicator, combined with the RSI, shows a bearish sentiment, but the market may be consolidating, indicating a downtrend may not be starting yet.
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