The cryptocurrency market kicks off the new year with noteworthy upside momentum. Bitcoin breaches above $100K, aiding the recovery of major altcoins including JasmyCoin.
Upside Momentum in the Cryptocurrency Market
As the new year begins, notable upside momentum is observed among altcoins, driven by Bitcoin's impressive climb from its December low of $92K to its current price above $100K. This shift has provided a favorable rebound for major altcoins after last month's correction. JasmyCoin (JASMY) has seen a significant recovery, climbing over 16% in the past seven days.
Double Bottom: A Bullish Signal?
@Steph_iscrypto has noted a double bottom pattern on the JASMY chart, indicating a potential bullish breakout in the short term. The chart shows two distinct lows at similar price levels, confirming the double bottom structure. Currently, the price is trading at $0.038, testing the neckline resistance at $0.041, a critical level under close analyst scrutiny. If JasmyCoin manages to break above this resistance, it could potentially rally toward a projected target of $0.05103.
What Lies Ahead for JasmyCoin?
As the price hovers near the neckline resistance, several key levels are being closely watched. The neckline at $0.041 serves as the critical breakout point, while the breakout target is projected at $0.05103. On the downside, the previous lows act as a support zone, offering a safety net if the price retraces before attempting another breakout.
Current trends indicate JasmyCoin displays consistent growth amid favorable market conditions. Monitoring critical levels and trading volumes will aid in determining the cryptocurrency's future trajectory.
