Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesBotsEarnCopy
Jasmycoin (JASMY) Retests Falling Wedge Breakout: Is An Upside Move On The Horizon?

Jasmycoin (JASMY) Retests Falling Wedge Breakout: Is An Upside Move On The Horizon?

CoinsProbeCoinsProbe2025/02/01 15:22
By:Nilesh Hembade

Date: February 1, 2025 | 11:58 AM GMT

The cryptocurrency market is seeing a pullback today, with major altcoins trading in red as Ethereum (ETH) retesting its breakout level around $3,250.

Amid this, JasmyCoin (JASMY) is also experiencing a 5% decline, currently trading at $0.032. However, a key technical setup suggests that a potential rally could be on the horizon.

Jasmycoin (JASMY) Retests Falling Wedge Breakout: Is An Upside Move On The Horizon? image 0 Source: Coinmarketcap

JasmyCoin Retests Falling Wedge Breakout

JasmyCoin (JASMY) has recently broken out of a falling wedge pattern. The breakout occurred on January 30, when the price surged above the descending resistance trendline at $0.030, leading to a short-term rally to $0.03463.

Jasmycoin (JASMY) Retests Falling Wedge Breakout: Is An Upside Move On The Horizon? image 1 JasmyCoin (JASMY) Daily Chart/ Coinsprobe (Source: Tradingview)

However, today’s price drop led to a retest of the breakout level at $0.030, but with support from the 25 SMA, the price has now recovered to $0.032.

If JASMY successfully holds this level and bounces, it could target the next resistance zones at $0.036 and $0.041—representing a 30% potential upside from the current price.

What’s Next for JASMY?

JasmyCoin’s next move largely depends on Ethereum’s (ETH) performance.

Jasmycoin (JASMY) Retests Falling Wedge Breakout: Is An Upside Move On The Horizon? image 2 Ethereum (ETH) Daily Chart/ Coinsprobe (Source: Tradingview)

Since ETH is also retesting its breakout, a successful bounce from $3,250 could trigger a broader altcoin rally, benefiting JASMY as well.

Advertisement

Disclaimer: This article is for informational purposes only and not financial advice. Always conduct your own research before making investment decisions.

0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.
APR up to 10%. Always on, always get airdrop.
Lock now!

You may also like

Ethereum’s L1 revenue from transfers falls to $100K in the past 24 hours

Share link:In this post: Ethereum (ETH) gas fees offer transactions as low as $0.02 as activity on the network slowed down. L2 protocols pay virtually zero fees to the L1, further cutting into Ethereum’s revenues. The cheap gas conditions brought out new on-chain games with token minting.

Cryptopolitan2025/03/24 13:11
Ethereum’s L1 revenue from transfers falls to $100K in the past 24 hours

Bitcoin Gains as Ethereum ETFs Lose $760M: What’s Causing the Investor Alarm?

Exploring the Shift in Investor Sentiment and Strategies Amid Surging Bitcoin Popularity and Ethereum ETFs Divestment

Coineagle2025/03/24 11:11
Bitcoin Gains as Ethereum ETFs Lose $760M: What’s Causing the Investor Alarm?

RSI breaks 4-month downtrend: 5 Things to know in Bitcoin this week

Bitcoin is attempting to bring the bull market back in full force, but market participants are wary, and even see a return to $76,000 after new all-time highs.

Cointelegraph2025/03/24 09:16
RSI breaks 4-month downtrend: 5 Things to know in Bitcoin this week