• JASMY has breached a month-long consolidation channel and could rally as high as $0.05.
• Weekly profit-taking could slow the price rally; however, technical indicators show a possibility for a higher move.

In the past 24 hours, JasmyCoin [JASMY] has seen a massive price rally, gaining 26%, with its volume reaching $525.23 million—a 440% increase. The coin was trading at $0.034, at press time.

According to AMBCrypto’s analysis, there’s room for more growth in the market; however, certain hindrances could delay JASMY’s potential rally.

Can the upward move be maintained?

JASMY recently broke out of a descending channel formed by lower highs and lows within defined support and resistance. Such breakouts typically indicate a rally move.

This channel had been forming since the 4th of December 2024, suggesting likely accumulation of JASMY at a lower level.

Currently, it is retesting the resistance level of this channel. If this level flips to support, JASMY could rally 84.79% to $0.059, last reached on the 5th of December 2024.

While bullish sentiment remains, JASMY could potentially struggle as certain cohorts are selling their assets.

Selling could pause JASMY’s rally

JASMY has recorded weekly profit-taking activity for the first time since September 2024, with $1.89 million worth of the asset sold. This was determined through JASMY’s Exchange Netflow on Coinglass, which turned positive in the past week.

A positive Netflow indicates traders are selling, while a negative Netflow suggests bullish sentiment.

Go to Source to See Full Article
Author: Olayiwola Dolapo

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