Some crypto analysts are excited with the bullish outlook for Jasmycoin (JASMY), as the weekly chart pattern signals a potential rally.
Team Lambo a crypto analyst showed key technical breakout from a symmetrical triangle and a descending channel. These breakouts are seen as strongly bullish with technical charts signaling that Jasmycoin could be on the verge of a strong upward trend.
Team Lambo projected a possible 300% price increase, with a target of $0.08.
The analyst sees this potential move as more than a short-lived spike. It’s a potential trend reversal, with JASMY reclaiming a crucial support level and establishing a solid base for further gains.
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Achieving and maintaining a position above $0.08 would not only validate these projections but also elevate JASMY above a significant psychological and technical threshold, potentially leading to further gains beyond the March highs.
The $0.08 level itself is a key resistance area; reaching this point could attract additional buyers and foster further bullish sentiment.
Weekly timeframes are critical as they reflect long-term investor sentiment, making them less susceptible to short-term fluctuations. A bullish breakout at this level suggests a sustained trend that could persist over the coming weeks or months, rather than a fleeting spike.
Volume Spike Confirms Bullish Breakout
Cryptofront also emphasized a crucial role of volume in these breakout analyses. The symmetrical triangle breakout was accompanied by a substantial weekly volume spike, indicating strong buying interest and confidence in the breakout’s legitimacy.
In technical analysis, volume confirmation is vital; a breakout with high volume is less likely to be a false signal, thereby bolstering the bullish case for JASMY.
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The increased demand for JASMY, as suggested by the correlation between volume and price movement, supports the notion that the current rally could reach new heights.
The analyst assesses a 70% probability that JASMY will surpass its March highs, reflecting a strong belief in the breakout’s sustainability, likely driven by enhanced market interest.
