JasmyCoin Price on the Verge of a Breakout? Key Indicators Signal Major Gains Ahead!

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The JasmyCoin price surged over 19% in the last 24 hours to trade at $0.03588 at press time. This latest gain has boosted the altcoin’s weekly performance deeper into the green azone to more than 69%.

JasmyCoin Price Challenging Resistance

The recent movements by the JasmyCoin price show a notable uptrend, with closing prices progressing from $0.030748 to $0.036606. This upward trajectory is supported by both the 9 and 20 Exponential Moving Averages (EMA), which have been steadily rising. The 9 EMA has increased from $0.029807 to $0.032923, while the 20 EMA has moved from $0.028125 to $0.030332. The shorter-term EMA being above the longer-term EMA confirms the bullish momentum.

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Examining the Moving Average Convergence Divergence (MACD) indicator, we see that the MACD line has consistently remained above the signal line. This is reflected in the MACD values: starting at 0.001782 and rising to 0.002634, while the signal line increased from 0.001402 to 0.001925. The expanding histogram, from 0.000380 to 0.000709, further emphasizes the strengthening bullish trend.

Meanwhile, the Relative Strength Index (RSI) has been persistently above the 70 mark, indicating an overbought condition. Initially at 67.79, it peaked at 81.03 before slightly retreating to 80.38. This high RSI suggests potential profit-taking or a minor pullback as traders might look to realize gains.

Key Levels to Watch

Given the bullish technical indicators, JASMY could test higher resistance levels in the near term. However, traders should watch key support and resistance levels for potential reversal signals. The immediate support levels to watch are $0.024476 and $0.020864. These levels could provide entry points for long trades if prices pull back and hold these supports.

On the upside, potential resistance could be faced near the previous highs around $0.036711. A breakout above this level could see JASMY target new highs, making this a potential entry point for momentum traders.

For long positions, traders might consider entering at or near the support levels of $0.024476 and $0.020864, especially if these levels are tested and hold. Exiting long positions could be considered near the resistance level of $0.036711 or higher if the bullish momentum continues.

For short trades, entry points might be considered if there is a confirmed breakdown below the support levels, or if RSI and volume indicators suggest a strong reversal. Exit points for short trades would be at the next significant support levels, such as $0.020816.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Ecoinimist is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

Author

Steven Walgenbach

Steven's passion for cryptocurrency and blockchain technology began in 2014, inspiring him to immerse himself in the field. He notably secured a top 5 world ranking in robotics. While he initially pursued a computer science degree at the University of Texas at Arlington, he chose to pause his studies after two semesters to take a more hands-on approach in advancing cryptocurrency technology. During this period, he actively worked on multiple patents related to cryptocurrency and blockchain. Additionally, Steven has explored various areas of the financial sector, including banking and financial markets, developing prototypes such as fully autonomous trading bots and intuitive interfaces that streamline blockchain integration, among other innovations.

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