Jasmy price has held steady in the past few days, soaring to its highest point since March 3. JasmyCoin, often known as Japan’s Bitcoin, has soared to a high of $0.0177, its highest point since March 3. It has soared by over 94% from its lowest point this year.
Jasmy Price Technical Analysis
The main reason the Jasmy price has surged in the past few days is its technical aspects, which we covered here.
The chart below shows that the coin recovered after it formed a significant falling wedge chart pattern, a popular bullish reversal sign.
This pattern comprises two descending trendlines that move slowly in a converging manner. A bullish breakout typically happens when these two lines are nearing their confluence point.
This confluence formed late last month, which explains why it has made a strong bullish breakout.
The coin has retested a crucial resistance level, which was its lowest point in August and November of last year. It has also moved above the 50-day moving average and formed a bullish flag chart pattern.
Therefore, the JasmyCoin price will likely have a strong bullish breakout in the coming weeks. The next point to watch is the psychological point at $0.25, up 53% above the current level. A drop below the year-to-date low of $0.0081 will invalidate the bullish outlook.
Why JasmyCoin May Keep Soaring
One technical reason why the price of Jasmy may surge soon is that it may be starting the impulse phase of the Elliott Wave pattern. This phase usually comprises five stages, the first being bullish, followed by a bearish one. The third phase is often the longest one.
Another reason is based on the macro factor, as signs show that the US economy may be moving into a recession. Such a move will likely lead to an intervention by the Federal Reserve, which may be in the form of an interest rate cut. Historically, such moves often result in strong bullish breakouts for risky assets like Bitcoin and Jasmy.
Further, on-chain metrics point to more upside. One of these numbers is the Z score of the MVRV indicator, which has been in a strong bull run after bottoming at minus 2.2 earlier this month. It is about to cross the neutral point, signaling that the coin is gaining momentum.
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