The cryptocurrency market is facing a sharp correction, and Jasmycoin is not exempt from this trend. Let's explore what is happening with JASMY and what it may imply for its future.
Overall Situation in the Crypto Market
Recent happenings in the cryptocurrency market are marked by a decline in prices, with Ethereum (ETH) dropping from a resistance level of $3,940 to around $3,425. This significant fall has impacted many altcoins, including Jasmycoin (JASMY), which has slid 18% in the past week.
Fractal Analysis of Jasmycoin
Currently, JASMY is exhibiting behavior similar to a previous fractal pattern that preceded a significant bullish rally. On the daily chart, JASMY has again broken above a downtrend, reclaimed its 50-day and 200-day moving averages (MA), and is now undergoing a correction. JASMY is testing a key support zone, which includes the 50-day MA and the 0.618 Fibonacci level, both of which in the past served as a launchpad for a 202% rally.
Outlook for JASMY
If the fractal setup plays out again, JASMY may bounce significantly from the current support area. A successful move above the 200-day MA, which currently sits near $0.01710, could confirm bullish momentum and potentially trigger a rally towards the resistance level above $0.080. However, to maintain this bullish outlook, JASMY must reclaim and hold above the 200-day MA, or else it may expose the price to deeper losses.
Amid the current market correction, Jasmycoin shows potential signs of recovery that depend on the identified pattern. Traders should closely monitor JASMY's dynamics in the coming days.
