Last week, JasmyCoin's price fell below a significant support level that had been holding for 12 months. This shift was pivotal, flipping the support into new resistance and affecting future price movements.
Technical Analysis Breakdown
Matthew Dixon, a veteran financial trader, noted in his commentary that JASMY fell below its long-held support, which then turned into strong resistance. A daily timeframe chart from Coinbase shows the RSI at 37.13, indicating market weakness but lacking sufficient bullish momentum for a reversal.
Potential Price Targets
If JASMY continues to trade below its current resistance, it could test lower support levels around $0.010 to $0.012, potentially dropping to $0.007. To shift the market sentiment to a more positive outlook, JASMY needs to reclaim the $0.016 level.
Outlook and Trader Recommendations
Currently, JASMY is in a weak market position. Traders should be cautious and use effective risk management strategies, placing stop-losses strategically. Signs of a potential reversal include the formation of higher lows, increased bullish volume, and the RSI rising above 50.
The situation with JasmyCoin's price remains uncertain. Keeping an eye on key levels and employing effective risk management strategies is crucial.
