Analysts have been making comments about JasmyCoin (JASMY) price as it is looking strong for a potential brerak out. One of the analysts who are optimistic about JASMY price trajectory is NeoXtrix.
NeoXtrix emphasized the significance of the JasmyCoin wallet and its token-locking system, which serve as a cornerstone of the digital economy within the Jasmy ecosystem. According to him, this system empowers users to become both the owners and beneficiaries of their data.
The analyst noted that the locking mechanism is designed to remove tokens from exchanges, aligning with the team’s intentions. He believes that with time, the scarcity of JasmyCoin is likely to increase, which could lead to economic dynamics that stabilize or even elevate its market value.
Read Also: Here’s Why Kaspa (KAS) Could Reach $10 by 2025
JASMY Price Nears Major Breakout
Clifton Fx posted an analysis to support JASMY’s bullish outlook. He pointed out that JasmyCoin (JASMY) is on the verge of a breakout. He examined the price action against Tether (USDT) on a daily timeframe and identified several key elements in his analysis.
Firstly, he noted the formation of a descending triangle pattern, characterized by a horizontal support line around $0.017 and a descending trendline connecting lower highs. This pattern often indicates a potential breakout, as the price consolidates toward the apex of the triangle.
Potential for Over 200% Breakout
The breakout potential is further highlighted by the chart, which suggests that an upward breakout could target a price around $0.060, indicating a substantial gain of approximately 212%.
The analyst’s chart shows that the support level near $0.017 has held firm on multiple occasions, demonstrating strong buying interest at that price point. Should the price break above the descending trendline, it would likely test resistance levels ranging from $0.03 to $0.05.
The chart shows that the longer-term trend had been bearish, as indicated by the descending highs. A successful breakout would potentially signal a reversal or a relief rally in the market.
Read More: PEPE Memecoin Could See 200% Surge as Bullish Chart Pattern Signals Imminent Breakout
