An analysis of the current position of JasmyCoin in the markets shows multiple factors influencing potential high price movements in July.
Daily Chart: Breakout or Consolidation?
On the daily chart, JASMY price was stuck inside a descending channel. Toward the end of June, it broke out of this channel, which usually signals the start of a rally. However, instead of surging higher, JASMY began moving sideways. The lack of necessary momentum for price growth has left the market in a wait-and-see mode.
Weekly Chart: Bullish Retest or Further Consolidation?
The weekly chart tells a similar story. Last week, JASMY price managed to break out of the descending channel on a larger timeframe. Currently, the candlestick is red, suggesting a possible retest of the breakout level. The price seems to be heading back to the last significant support to gather some liquidity before any potential upward move. Whether this retest will lead to a new bullish wave depends on the overall market.
Long-term View: Support Level and Potential Targets
Taking a broader view, JASMY price has rarely stayed below the key level at $0.01213 since February 2024. Whenever it dipped below this level, the price recovered within days or weeks. If the market turns bearish again, $0.01213 is expected to act as strong support. If bullish triggers arise, the logical target would be the top of the previous descending channel, around $0.021.
In conclusion, the current position of JasmyCoin shows signs of potential growth, but the dynamics depend on market sentiments and key support levels.
