Jasmycoin (JASMY) Builds Momentum- Can The Next Breakout Start A Rally?

Date: Sat, Nov 23, 2024, 03:28 PM GMT

The cryptocurrency market continues to show strength, with altcoins making notable gains as Bitcoin dominance decreases. BTC dominance has fallen to 58.70%, down from yesterday’s peak of 60.40%, following Bitcoin’s surge to a record-breaking $99,504. This shift is directing market attention toward altcoins, many of which are displaying bullish price action and strong momentum.

One of today’s top-performing assets is JasmyCoin (JASMY), which has gained more than 20%, trading at $0.024 and pushing its market capitalization to an impressive $1.19 billion. This move places JASMY among the most watched altcoins as it approaches a critical technical juncture.

Source: Coinmarketcap

Key Breakout Ahead

Today’s rally in JasmyCoin (JASMY) stems from a breakout above the descending wedge pattern, a bullish continuation signal that formed over several months. The breakout at $0.02158 was accompanied by increasing volume, a strong confirmation that buyers are stepping in to drive the price higher. Currently, JASMY is trading in a critical resistance zone between $0.02295 and $0.02542.

If JASMY clears the $0.02542 resistance zone, the next resistance levels to watch are $0.03357, $0.03676, and $0.04457. These levels correspond to prior significant price pivots and Fibonacci retracement zones.

These levels represent an 80% potential upside from the current price, making JASMY a coin to keep a close eye on in the coming days.

Conclusion

With its recent breakout and strong momentum, JasmyCoin (JASMY) is positioned for further gains if it can overcome the critical resistance zone. The next few days will be crucial in determining whether JASMY can maintain its bullish momentum and target higher price levels.

As altcoins gain traction amidst a Bitcoin cooldown, JASMY is shaping up to be one of the more promising performers in the crypto market.

Disclaimer: This article is for informational purposes only and should not be considered financial advice. Always conduct your own research and consult with a financial advisor before making investment decisions.

Also Read: Near Protocol (NEAR) Gains Momentum Following Major Breakout: Big Rally Ahead?