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- JasmyCoin surged 71% this week, hitting a new peak of $0.036.
- Technical signs hint at a potential peak near resistance at $0.037.
- A correction may follow, with the next support at $0.024.
JasmyCoin has seen a remarkable surge in price, climbing nearly 71% in the past week and achieving a new yearly peak of $0.036, a 696% yearly surge. This notable increase positions JasmyCoin as the week’s top performer in the cryptocurrency market, where it now ranks 59th by market capitalization.
JASMY/USD 7-Day price chart (Source: CoinMarketCap)
Market Dynamics and Price Movement
Since the beginning of 2024, JasmyCoin has shown significant bullish momentum. The cryptocurrency formed a higher low in July and accelerated its gains, leading to a previous high of $0.027 in March. After a period of correction over two months, the price initiated another robust climb, culminating in today’s peak.
Currently, JasmyCoin is nearing a critical resistance point at $0.037. This level has been a significant barrier since early 2022, and the price’s approach signals a potential inflection point for future movements.
However, technical indicators hint at emerging weaknesses. Notably, bearish divergences in the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD) suggest that while the trend remains bullish, a peak may be imminent.
Technical Analysis and Future Predictions
Analysis of the daily price chart indicates that JasmyCoin is potentially in the final phase of a five-wave increase that began in October 2023. The completion of a symmetrical triangle in the fourth wave, a common pattern, points to a near-term target of $0.036. This aligns closely with the long-standing resistance level.
In a broader context, this surge appears to be part of a more extensive third wave in an ongoing five-wave upward trend. The magnitude of this third wave already exceeds 4.61 times the first wave, further reinforcing the likelihood of reaching a near-term peak soon.
Implications of Current Trends
Should JasmyCoin reach the anticipated top near $0.037, a substantial correction could follow. The next significant support level is established around $0.024, marked by previous yearly highs. Hence, investors and traders should monitor these technical levels closely as they will play crucial roles in JasmyCoin’s price trajectory in the coming months.
Moreover, the current market dynamics underscore the importance of cautious investment strategies, especially considering the potential for a shift from the prevailing bullish trend to a corrective phase.