JasmyCoin (JASMY) has been demonstrating a movement within a broadening wedge in recent months, possibly indicating a breakout.
What is the broadening wedge structure?
The daily chart of JasmyCoin reveals a broadening wedge pattern, characterized by high volatility and large swings. This type of pattern forms when the price moves between two diverging trendlines, with each swing getting wider. JASMY has been bouncing between descending resistance and support since the start of the year.
Key support and resistance levels
The lower boundary of this wedge has acted as support multiple times, preventing further price declines. This level is around $0.01, a psychological level that has held firm even during strong selling pressure. On the upside, the descending resistance line has capped every recovery of JASMY price. Approaching this upper trendline again could signal an impending breakout.
Growth perspectives of JasmyCoin
If a breakout occurs, key price targets to watch are $0.0155, $0.0200, $0.0280, and eventually $0.0400. These levels align with previous volume peaks and price congestion zones. The RSI analysis shows that, while it is still below 50, it has been forming higher lows since early June, indicating possible bullish momentum.
JasmyCoin is currently in a critical position. A breakout above the upper boundary of the wedge could not only end months of bearish pressure but also pave the way for a potential multi-stage rally.
