Date: Thu, Jan 23, 2025, 04:30 PM GMT
In a sudden bullish turn of events, the cryptocurrency market has witnessed a significant pump in the last hour. This surge is fueled by two major developments: pro-crypto Senator Cynthia Lummis being officially named Chair of the Senate Banking Subcommittee on Digital Assets and President Donald Trump’s statement at the World Economic Forum, declaring, “America will be the world capital of crypto.”
These announcements have sparked optimism across the market, leading to gains in altcoins, including JasmyCoin (JASMY), which surged over 4% in the last hour and is showing signs of a potential rebound.
Holds Key MA Support
Recently, JASMY faced a sharp decline, dropping to a low of $0.02538. However, the 200-day Moving Average (200MA) has proven to be a strong support level, helping the token recover to its current price of $0.02766. The rebound from this key support is a bullish indicator, as the 200MA often signals a reversal point for prices.
JasmyCoin (JASMY) 1D Chart/Coinsprobe (Source: Tradingview)
If JASMY maintains this momentum, it could soon approach the upper resistance of the falling wedge pattern, which could pave the way for a breakout. Such a breakout might lead JASMY toward its next targets, sparking renewed interest among traders.
MACD and Historical Parallels
The MACD (Moving Average Convergence Divergence) is showing early signs of improvement, with the histogram indicating a reduction in bearish momentum. This aligns with trader insights from @CryptoFrontio , who noted that JASMY encountered a similar scenario in January 2024.
JasmyCoin (JASMY) Chart/ Source: @cryptofrontio (X)
At that time, JASMY found support at the 200MA, and the price skyrocketed by over 900% in the following months. If history repeats, JASMY could be preparing for another substantial rally.
Potential Upside and Targets
The next significant resistance lies at $0.030, which marks the upper boundary of the falling wedge. A breakout above this level could lead JASMY toward its December 2024 high of $0.059, offering traders a potential upside of over 100%. The strong support at the 200MA combined with improving sentiment in the crypto market makes this a critical level to watch.
Final Thoughts
JasmyCoin (JASMY) is gaining attention as it holds its ground at the 200-day MA, a historically strong support level. With renewed optimism in the market and signs of bullish momentum, JASMY has the potential to stage a significant reversal. Traders should watch for a breakout from the falling wedge and monitor resistance levels at $0.030 and beyond.
Disclaimer: This article is for informational purposes only and not financial advice. Always conduct your own research before investing in cryptocurrencies.
