If you look at JasmyCoin price action right now, it might seem like the coin is gearing up for a bullish move this July. Both the daily and weekly charts show some signs of strength, but things are not as straightforward as they appear.
On the daily chart, JASMY price had been stuck inside a descending channel. Toward the end of June, it broke out of this channel, which usually signals the start of a rally. But instead of surging higher, JASMY began moving sideways. The expected spike did not happen because there wasn’t enough momentum to push the price up. This lack of follow-through has left the market in a wait-and-see mode.
JASMY Price Chart Showing Breakout and Sideways Move Weekly Chart: Bullish Retest or More Consolidation?
The weekly chart tells a similar story. Last week, JASMY price managed to break out of the descending channel on a larger timeframe. Right now, the candlestick is red, which suggests a possible retest of the breakout level. The price seems to be heading back to the last significant support to gather some liquidity before any potential upward move.
However, whether this retest leads to a new bullish wave depends on the overall market. The crypto market has a big influence on JASMY price. Without broader bullish sentiment, JASMY might not find the spark it needs to move higher. That said, JASMY is positioned in a way that even a small burst of optimism in the market could trigger a sharp move.
JASMY Price Chart Showing Short-Term Support Level
Right now, the key support level to watch is at $0.0125. This level has been holding the price from dropping lower during this consolidation phase. If JASMY price breaks below this support, it could signal a failed breakout, and we might see the downtrend continue.
JASMY Bigger Picture: Strong Long-Term Support
Taking a step back, the broader picture shows that JASMY price has not stayed below the key level at $0.01213 for long since February 2024. Each time it has dipped under this level, the price recovered within days or weeks. For example, when JASMY fell below $0.01213 in late March, it was back above it by mid-June. More recently, on June 20, the price dropped below this level but rebounded three days later.
JASMY Price Chart Showing Long-Term Support Level
If the market turns bearish again, $0.01213 is the level we expect to act as strong support. While a temporary dip below this level is possible, history suggests that JASMY doesn’t tend to stay under it for long.
Read Also: Onyxcoin (XCN) Price Prediction for July: The Worst and Best Case Scenario
On the other hand, if the bullish triggers arrive and momentum builds, the logical target would be the top of the previous descending channel, around $0.021. This level was tested twice earlier this year, first in February and then in May.
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The post JasmyCoin (JASMY) Price Prediction for July: Will this Bullish Outlook Play Out? appeared first on CaptainAltcoin.
