JasmyCoin Approaching Key Resistance, Demonstrating 6.10% Increase in 24 Hours: Will the Bulls Break Through?

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JasmyCoin (JASMY) is showing resilience in the market, with its price action flirting near the $0.0250 mark after a strong upward movement over the past 24 hours. As the cryptocurrency approaches key resistance levels, technical indicators provide insight into whether the bulls can maintain their momentum or if a pullback is on the horizon. This analysis examines the critical factors driving JasmyCoin’s price and what traders should expect in the short term.

EMA Levels Indicate Strong Support

A closer look at the 1-hour chart reveals that JasmyCoin has found strong support at various EMA levels. The 20-EMA currently sits at $0.0237, followed by the 50-EMA at $0.0232, and the 100-EMA at $0.0227. The price action remains well above all these EMAs, suggesting that the upward trend is still intact.

The alignment of the EMAs in ascending order indicates a healthy bullish trend. These levels serve as immediate support zones, and as long as the price stays above them, JasmyCoin is likely to maintain its upward momentum. The 200-EMA at $0.0220 also adds additional long-term support, solidifying the bullish outlook.

RSI Shows Healthy Momentum

Another crucial indicator, the RSI divergence, currently stands at 6.10. This suggests that JasmyCoin has not yet entered overbought territory, giving the bulls room to push the price higher. The RSI divergence reflects a steady increase in buying pressure, which further supports the possibility of a breakout past the current resistance.

However, traders should monitor the RSI in the coming hours. A sudden surge could push it into overbought levels, signalling that a short-term correction or consolidation might be imminent.

Price Scenarios: Consolidation or Breakout?

With JasmyCoin trading at $0.0245, the price is approaching significant resistance at $0.0250. If the bulls can break through this level, JASMY could move toward $0.0260. However, failure to surpass this resistance could lead to a period of consolidation, with the price potentially testing the 20-EMA at $0.0237 or even the 50-EMA at $0.0232 as support.

In the event of a bearish reversal, the 100-EMA at $0.0227 and the 200-EMA at $0.0220 would likely act as safety nets, providing strong support.

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Conclusion

JasmyCoin is currently at a pivotal point, with its price nearing a key resistance level. The overall technical indicators point to a continuation of the bullish trend, but traders should remain cautious of potential pullbacks. If the bulls can break through the $0.0250 resistance, JASMY could see further gains in the next 24 hours. However, a failure to do so might result in a short-term consolidation, providing a new opportunity for traders to enter at lower support levels.