Amid a market correction, JasmyCoin has seen a significant decline. However, technical analysis suggests potential growth.
Sharp Market Correction
The cryptocurrency market has observed a notable correction following recent rallies. Bitcoin retraced from $108K to $94K, and JasmyCoin dropped 42% from December 5th, now trading at $0.03364.
Breaking a 4-Year Downtrend
JasmyCoin has broken out of a critical descending trendline since its 2021 ATH, a pivotal development noted by analyst @EasychartsTrade.
What's Ahead?
Analysts foresee that JasmyCoin may target higher retracement levels if it breaks the "cup and handle" pattern's neckline. Potential targets include 50% Fibonacci at $0.105, 61.8% at $0.248, and 78.6% at $0.846.
While short-term volatility remains high, the market structure suggests potential for further gains for JasmyCoin, especially if Bitcoin and the broader crypto market continue their upward trends.
