According to the chart, JASMY is trading at $0.02928 when publishing this article. Over the past 24 hours, the price has shown a significant upward trend, breaking through multiple resistance levels indicated by the red dashed trendlines. This breakout above the resistance level around $0.0285 is a bullish signal, suggesting a potential continuation of the upward momentum.
Technical Analysis (EMAs)
Jasmy’s price has recently moved above the 20 EMA ($0.02819), which is a short-term bullish indicator. However, this suggests that the buyers are in control in the immediate term, pushing the price higher. The price action above the 50 EMA ($0.02769) further confirms the bullish sentiment. The medium-term trend also favours the bulls when the price is above the 50 EMA.
The price is comfortably above the 100 EMA ($0.02784), reinforcing the ongoing bullish trend. This EMA acts at a dynamic support level, and its current position indicates sustained buying pressure.
The 200 EMA ($0.02819) aligns closely with the current price, marking a critical level. The recent price action above this EMA is a strong bullish signal, often indicative of a long-term upward trend when sustained.
Support and Resistance Levels
Notably, the chart highlights critical support and resistance levels that traders should seek. Around $0.02784 (100 EMA) and $0.02769 (50 EMA). These levels should act as solid support if the price were to retrace. However, the breakout above the previous resistance at $0.0285 suggests that this level might now act as support. The next significant resistance is around $0.03, a psychological barrier.
Volume and Momentum
The volume profile indicates increased trading activity during the breakout, suggesting robust buyer interest. Additionally, bullish candlestick patterns and the confirmation of the price moving above significant EMA levels indicate positive momentum.
Related article: Dogecoin 24-Hour Price Analysis: Support Levels Dictate Market Moves as DOGE Surge by 4.83%
Future Projections
Given the current trajectory, we could anticipate further upward movement if the price sustains above the 200 EMA and the recent breakout levels. However, monitoring the price action near the $0.03 resistance level is essential. A successful breach above this level could open doors to higher price targets, potentially around $0.032.
Conversely, if the price fails to maintain above the immediate support levels, particularly the 50 and 100 EMAs, we might see a consolidation phase or a minor pullback before another attempt to move higher.
Conclusion
The 24-hour price analysis of JasmyCoin presents a bullish outlook with significant upward momentum. The alignment of the price above key EMAs and the successful breakout of resistance levels suggest that the bulls are currently in control. Traders should watch the $0.03 resistance level closely for further confirmation of the bullish trend.
