JasmyCoin (JASMY) Clears Major Resistance, Can Bulls Trigger a 100% Rally to Reach $0.05?
The post JasmyCoin (JASMY) Clears Major Resistance, Can Bulls Trigger a 100% Rally to Reach $0.05? appeared first on Coinpedia Fintech News
After maintaining a consolidated trend for over a year, JasmyCoin finally broke above the consolidation, a month ago. After reaching a certain point, it was believed that the price may undergo a rejection, followed by a bearish pullback. Luckily, the bulls held significant dominance, due to which the rally remained consolidated above the major support zone. With the beginning of the fresh quarter, the JASMY price has triggered a fresh upswing, which is expected to result in another rally of over 100% in the next few months.
Jasmy, built to protect the sovereignty of individual data by combining IoT with blockchain, has gained huge attention after it underwent a huge upswing in February. The long-term prospects appear to be extremely bullish, as the rally is about to break the consolidated range and trigger a healthy upswing towards higher targets.
Soon after the 280% rally in the last few days of February, the token began to consolidate, forming a bullish pennant. Moreover, the recent upswing has enabled the price to rise above the lower support, which may trigger a breakout beyond the upper resistance. The technicals have turned in favour of the token as the RSI remains within the bullish levels and is trying to validate a bullish reversal. This suggests the bulls are set to initiate a fresh bullish upswing soon.
Besides, the DMI, which was closer to undergoing a bearish crossover, has also initiated a reversal while the ADX continues to head towards the upper threshold. This suggests the JASMY price is preparing to begin with a fresh upswing soon. The price is now required to reach the key resistance zone between $0.0399 and $0.0477 and a minor consolidation will trigger a fine upswing soon. However, the huge possibility of the price facing a bearish pullback looms over the JasmyCoin price as the bears seem to have capitulated the levels.
Therefore, the rally until the monthly close appears to be extremely important, which is expected to determine the next course of action.