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- David Vallieres predicts a bullish breakout for JASMY to $0.62.
- JASMY’s 126-week Cup-and-Handle pattern signals strong bullish potential.
- Vallieres adapts Bulkowski’s stock insights to support a crypto market analysis.
David Vallieres, a respected crypto analyst, has recently shared a bullish outlook on Jasmy Coin (JASMY). His optimism stems from a striking Cup-and-Handle formation on the weekly chart. This pattern has developed over 126 weeks, much longer than the typical 7 to 65-week range identified by Thomas Bulkowski. Despite the extended duration, Vallieres sees this as a strong setup, signaling a potential breakout that could drive the price up to $0.62.
Becoming more bullish on #JASMY after looking at the Cup w/ Handle formation on the weekly chart
— David Vallieres (@vallieres_david) October 19, 2024
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"A few surprises are unique to this pattern a cup with a short handle shorter than the median length tends to outperform those with longer handles. If the left cup lip is higher… pic.twitter.com/znnPFKaPnt
What Sets JASMY’s 126-Week Cup-and-Handle Pattern Apart?
Vallieres identifies several features that make JASMY’s 126-week Cup-and-Handle pattern particularly compelling. Most notably, the left lip of the cup stands higher than the right. According to Bulkowski’s Encyclopedia of Chart Patterns, this specific structure can lead to stronger performance after a breakout.
Vallieres sees this alignment as a positive indicator, boosting confidence in a potential rally. Moreover, the edges of the cup align well, suggesting stability and a well-formed setup. Vallieres highlights the “measure rule,” a technique for estimating potential price movements.
By applying this rule, he predicts a rise to $0.62, much higher than his earlier target of $0.25 to $0.30. The handle, shaped like a flag, acts as a continuation signal. Declining volume during this period strengthens the overall bullish outlook.
Adapting Bulkowski’s Insights for the Crypto Market
Bulkowski’s original studies focused on stocks, but Vallieres adapts these guidelines for the crypto space, which often behaves differently. Although the 126-week pattern exceeds the typical duration seen in stocks, Vallieres argues that the core principles still apply.
The consistent shape and confirming signals in JASMY’s 126-week Cup-and-Handle pattern support a bullish narrative. Vallieres emphasizes that even though certain allowances must be made for the unique nature of the crypto market, the signs remain strong.
If JASMY’s price can break above the resistance at the handle, a sharp rise toward $0.62 is possible. This insight could offer a rewarding opportunity for traders who act on these signals.