JasmyCoin (JASMY) is holding its key support around $0.00542 as of Monday, February 9, as per crypto analyst Javon Marks, indicating a bullish signal for traders. The token is currently consolidating in a traditional falling wedge pattern, which is a bullish sign for the cryptocurrency market.
Source: Javon Marks X Post
The major breakout price level of the token is at $0.2785 and has an enormous growth potential of over 4,600%, an increase of over 47x the current price level.
If the price of the token breaks through the falling wedge resistance level, it might be interpreted as a signal of a strong bullish trend in the market and might attract many buyers in the market.
Also Read: JASMY Shows Historical Breakout Pattern That Could Lead to 14x–19x Gains
JASMY Consolidation Could Precede Major Upswing
The falling wedge pattern can be viewed as a signal for a consolidation phase, which may eventually create room for a breakout to the upside.
In the present case, the key support level currently standing at $0.00542 may play a vital role in defining the breakout direction for the asset.
Although the price remains volatile, the technical setup has traders optimistic about the possibility of a massive upside move if the asset breaks free from its descending trendline.
However, Javon Marks notes that, as always, the cryptocurrency market is highly unpredictable. Traders need to take a risk management approach when trading these scenarios.
JASMY Technical Outlook Points to Cautious Momentum
TradingView data as of February 9 shows that JASMY has been trending lower from late January to early February. The majority of the candles have been trading below the 20-period SMA, which is adding to the bearish momentum.
Bollinger Bands expanded during these sharp declines but have since compressed with the price holding steady on support.
Source: TradingView
The RSI is currently at 44.60, which is a weak attempt to rebound but lacks any clear reversal signal for bulls.
As the price is near the lower Bollinger Band and the RSI is below 50, it is possible for the token to bounce or range in the near term. However, the overall bearish sentiment is strong for the token.
Also Read: JASMY Eyes $0.032 Amid Falling Wedge Reversal Setup
