Jasmy price surges while wedge pattern points to further 50% upside potential
JasmyCoin’s price rebounded sharply as sentiment in the cryptocurrency industry improved following the Federal Reserve’s interest rate decision.
JasmyCoin (JASMY), a popular mid-cap digital asset, surged 25% on Thursday, reaching a high of $0.0320, marking its highest level since Jan. 9.
It joined other mid-cap cryptocurrencies such as Fartcoin, SPX6900, Raydium, Mantra, and Litecoin in posting double-digit gains. The broader stock market was also in the green, with the S&P 500 and Nasdaq 100 continuing their recovery.
The rally came a day after the Federal Reserve announced its first interest rate decision of the year. The central bank left rates unchanged and maintained its hawkish outlook, with economists now expecting the next rate cut to occur in July.
JasmyCoin’s surge also coincided with a rise in its futures open interest. According to CoinGlass, open interest climbed to $53 million, its highest level since January 15. Rising open interest typically signals increased demand.
Additionally, there are indications that more JasmyCoin tokens are leaving exchanges, suggesting accumulation by investors. The number of tokens held on exchanges dropped to 16.45 billion, down nearly 1% from a week ago. The chart below illustrates JasmyCoin outflows from centralized exchanges over the past seven days.
Jasmy price analysis
The daily chart shows that JasmyCoin climbed to a high of $0.0588 in November last year as most alternative cryptocurrencies rallied. It then experienced a sharp pullback, reaching a low of $0.023 during the ongoing altcoin sell-off.
The price found support at the 61.8% Fibonacci retracement level at $0.0150, a critical zone where many bullish reversals occur.
JasmyCoin has also formed a falling wedge pattern, characterized by two downward-sloping and converging trendlines. These trendlines are now nearing convergence, indicating that a bullish breakout may be imminent.
If this breakout occurs, the next key resistance level to watch will be $0.0445, aligning with the upper boundary of the cup and handle pattern. This target represents a potential 50% increase from the current price. A further rally could push JasmyCoin toward its 2024 high of $0.0588, marking a 96% gain from its current level.
However, JasmyCoin’s bullish outlook would be invalidated if the price falls below the key support level of $0.0231, its lowest point since January.
