Jasmy (JASMY) has made headlines recently, surging by 16% in just 24 hours. Market dynamics suggest a potential upward trend, with price targets eyeing $0.034 in the near future.
JASMY Outperforms the Market
In recent days, memecoins have shown impressive performance, with DOGE, SHIB, FLOKI, PEPE, and PENGU all hitting new monthly highs. JASMY has joined this trend, rising by 16% in the last 24 hours.
As of this writing, JASMY trades at $0.02008 and appears poised for further gains. Data from CoinMarketCap indicates that approximately 53% of JASMY’s circulating supply has moved into whale wallets since the beginning of the month. Additionally, exchange reserves have dropped to their lowest levels in 2024.
This combination of tightening supply on exchanges and increased whale holdings is creating price compression. With fewer tokens available for purchase, JASMY’s price is appreciating.
JASMY Eyes Resistance Level at $0.034
The 4-hour chart for JASMY/USD reflects an upward trend, although it currently lacks efficiency. This inefficiency could lead to JASMY testing support around $0.01854 before preparing for another ascent. Technical indicators are highly bullish, affirming the ongoing price increase.
The Relative Strength Index (RSI) sits at 70, signaling that JASMY is approaching overbought territory. Additionally, the Moving Average Convergence Divergence (MACD) is in the positive zone, indicating strong bullish momentum.
Moreover, JASMY has formed a double bottom pattern, often seen as a bullish reversal signal. The neckline of this pattern lies between $0.0226 and $0.024, with analysts viewing these levels as key confirmation for a breakout.
JASMY may aim to reach the first major resistance level at $0.022387, which also aligns with its 4.618 Fibonacci level. A sustained rally could propel JASMY towards the $0.025 resistance level within hours. The $0.03440 peak from February remains a mid-term target for JASMY.
Conversely, JASMY could see a decline if the market experiences a correction. It may retest the weekend low of $0.01640. However, consistent bearish performance could require bulls to defend the crucial support level at $0.01525.
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