- After a 66% drop, JasmyCoin has made a bullish candle with a higher high and a bearish candle with a higher low, which indicates buyer interest.
- The coin is trading within a descending wedge, which is a positive bullish pattern that could produce a breakout up to $0.021.
- Both momentum and trend reversal momentum are on the table for JASMY, as indicated by the stochastic RSI, MACD crossover, and rising volume.
JasmyCoin (JASMY) price slumped more than 66% since its 3-month peak. However, it is looking like the coin will experience a recovery following that steep drop.
As of recently, JASMY has regained some of its strength. It has been forming higher lows on the daily chart since April 7 and has printed a couple of green (bullish) candlesticks since that time. This indicates that some buyers are stepping in here.
With this new development, experts now question whether this could signal a new bull run.
JASMY Forms A Wedge Pattern
JASMY took a price dip from $0.03 to $0.001 on April 9, according to a recent price chart analysis. However, the coin has been displaying a descending wedge pattern since the beginning of the year, as indicated by the downward sloping converging trendlines.
Also, there is a decrease in volume as the wedge is forming.
Daily chart. Source: TradingView
A breakout by this coin could lead to the nearest resistance level at $0.021. This means that buyers could be ready to shift the momentum from the bears.
What the Chart is Saying Now
The price of JASMY/USD pair on TradingView at the moment is $0.01109, which is a 3.38 percent drop on the daily chart. Several important technical indicators also support this price rise.
The RSI, which helps measure momentum, currently reads 44.52, a sign that neither the buyers nor the sellers have an upper hand against the other.
MACD and RSI. Source: TradingView
However, the momentum indicator MACD is beginning to rise. The blue MACD line has crossed above the red signal line, and the histogram has turned green. This is a signal of an increasing upward momentum.
