Jasmy price has moved into a bear market as the crypto sell-off continues. With whales selling JasmyCoin, can it bounce back by 95% and retest $0.044, its highest level in 2024?
Analysts Still Bullish on Jasmy Price As Whales Sell
Jasmy price retreated as on-chain metrics pointed to substantial selling by whales. According to Etherscan, one whale moved 57.2 million tokens to Coinbase, an important step towards selling the coin.
Another trader moved 24.64 million JASMY coins worth $582,940 coins to Binance, while another one sold coins worth $664k. The other notable whales moved coins worth $1.6 million and $1.8 million to Gate.io. In most cases, whale sales are usually seen as bearish signs because of their influence in the market.
Crypto analysts are still bullish that the JasmyCoin price will bounce back once the ongoing correction ends. In a recent note, Team Lambo, an analyst with over 31,000 followers, estimated that the coin will surge to $0.05 this month, followed by $0.20 in March and between $0.5 and $1 in June next year. If his prediction is correct, he sees Jasmy surging by 4,900% in the next seven months.
Another analyst noted that the Jasmy was forming a cup and handle pattern on the daily chart, which will likely push it to “Valhalla” soon. A cup and handle is formed when an asset forms a rounded bottom followed by some consolidation or a retracement at the top. It is one of the most popular continuation signs in the market.
JasmyCoin Price Analysis: Is A Rebound Possible?
Technicals suggest that the price of Jasmy could stage a strong comeback in the next few weeks. The coin has formed an inverse head and shoulders pattern, a popular continuation sign. In this case, the head section is at $0.016, its lowest point this month, while the shoulders are around $0.020.
JasmyCoin price is also about to form a golden cross as the 200-day and 50-day moving averages near their crossover. This is a popular bullish sign in technical analysis. For example, the last time Jasmy formed that pattern was in November and the coin jumped by 830% to its highest level this year.
Therefore, Jasmy’s move to $0.044 will become clearer if the coin jumps above last week’s high of $0.02964. If this happens, it could jump by about 90% to the year-to-date high of $0.0447.
This Jasmy price prediction will become invalid if it drops below $0.020. This is a notable level since it is the shoulders of the inverse H&S pattern. If this happens, it will drop to the head part of $0.01611, which will be followed by the psychological point at $0.10.
Frequently Asked Questions (FAQs)
Yes. The coin has formed a golden cross pattern and an inverse head and shoulders pattern, pointing to more gains, potentially to the year-to-date high.
$0.02 is the neckline of the inverse head and shoulders pattern. If it drops below that level, it will invalidate that pattern and point to more downside to $0.01.
Whales likely sold their Jasmy coins after it jumped to $0.029 on Saturday, its highest level since July this year.
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Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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