Jasmy worth technical evaluation as rebound accelerates

The Jasmy Coin worth rose on Monday, persevering with a bullish pattern that began in December when it dropped to a low of $0.0028. It jumped to a excessive of $0.0074, the very best level since September 18. It has jumped by over 152% from its lowest level in December, as we wrote right here.

JASMY/USD every day chart evaluation

The every day chart exhibits that the JASMY coin worth has been in a robust bullish pattern up to now few weeks. This restoration has been accompanied by elevated quantity ranges. On the similar time, the coin has managed to maneuver above the essential resistance degree at $0.0060, the very best level on January 24.

Jasmy additionally jumped to the 50% Fibonacci Retracement degree. Additionally, it jumped above the essential resistance level at $0.0068 (October 30 excessive). It has additionally jumped above the 50-day shifting common and the Ichimoku cloud indicator. Jasmy, which is called Japan’s Bitcoin, has additionally fashioned an inverted head and shoulders sample, which is a bullish signal.

Subsequently, it looks like Jasmy has the momentum it must proceed rising within the coming days. If this occurs, the following key resistance degree to look at will likely be at $0.0086, the 61.8% Fibonacci Retracement level. This worth is about 27% above the present degree.

On the flip facet, a drop under the essential assist degree at $0.0060 will invalidate the bullish view. If this occurs, it can sign that there are nonetheless sellers left available in the market who will likely be eager to push it to the following key assist degree at $0.0050.

Jasmy worth 4H chart evaluation

On the 4H chart, we see that the Jasmy Coin worth has made a spectacular comeback up to now feww weeks. Because it rose, the token crossed the important thing resistance degree at $0.0060, the place it struggled to maneuver above on January 24 and February 2. The coin can be above the 25-day and 50-day EMAs.

On the similar time, a more in-depth look exhibits that quantity bars have began to drop. Subsequently, this might be an indication that the bullish pattern is fading, which may see it retreat within the coming days. However on a constructive facet, the coin has fashioned a small hammer sample, which is a bullish signal. 

A reversal will likely be confirmed if JasmyCoin worth plunges under the decrease facet of the hammer at $0.0065.

JASMY/USD chart by TradingView