The cryptocurrency market is experiencing a correction, with major altcoins like Ethereum and JasmyCoin trading in the red. However, technical analysis points to potential growth.
Market Overview
The cryptocurrency market is undergoing a pullback, with major altcoins such as Ethereum (ETH) trading in negative territory. Ethereum is retesting the $3,250 level following a breakout.
JasmyCoin's Behavior Post-Breakout
JasmyCoin (JASMY) recently broke out from a falling wedge pattern. The breakout occurred on January 30, with the price rising above the descending resistance line at $0.030, leading to a short-term rally to $0.03463. Today's decline led to a retest of the breakout level at $0.030, but with support from the 25 SMA, the price has recovered to $0.032. If JASMY successfully holds this level and rebounds, it could target next resistance zones at $0.036 and $0.041.
Prospects for JasmyCoin and Ethereum's Influence
JasmyCoin's next move largely depends on Ethereum's (ETH) performance. A successful bounce from $3,250 for ETH could trigger a broader altcoin rally, benefiting JASMY as well.
Despite the current correction, the cryptocurrency market retains potential for further growth. Both Ethereum and JasmyCoin are at critical levels that could determine their future movements.
