Date: Thu, Jan 30, 2025, 05:49 AM GMT
The cryptocurrency market is experiencing positive momentum today as Bitcoin (BTC) surged by 3%, reclaiming the $105K mark. This move follows the Federal Reserve’s decision to maintain the federal funds rate at 4.25%-4.50%.
Following BTC’s lead, JasmyCoin (JASMY) also returned to the green track today with an impressive surge of over 7%. However, despite this bounce, JASMY is still recovering from previous corrections, having dropped 17% in the past 30 days.
Source: Coinmarketcap
Harmonic Pattern Signals Potential Surge
According to the latest analysis by crypto trader @A_soulstrades , a Bullish Gartley pattern has emerged on JASMY’s daily chart, signaling a potential breakout. This pattern is characterized by key Fibonacci levels, indicating that the price is currently in a retracement phase before a likely upward move. The price structure has completed the X → A → B → C legs, and it is now approaching the C → D leg, suggesting an upcoming bullish reversal.
JasmyCoin (JASMY) Daily Chart/ Source: @A_soulstrades (X)
The D point aligns with $0.052, which could act as a major resistance level. If this target is reached, JASMY may see further gains toward the $0.065 – $0.075 range in a full harmonic completion scenario.
Support and Resistance Levels
- Strong support is observed near $0.020 – $0.022, a region where previous accumulation occurred.
- Immediate resistance lies near $0.030, a level where price rejections have happened in the past.
- Breakout potential toward $0.048-$0.052 if the current pattern plays out.
Fibonacci Ratio Confluence
The harmonic pattern is further validated by Fibonacci retracement levels:
- B retracement stands at 0.416, confirming the pattern’s legitimacy.
- C leg extended to 1.161, a common level before a trend reversal.
- D projection aligns with 0.78 Fibonacci retracement, signaling a strong resistance zone.
Breakout Potential Trend Shift
JASMY has been forming higher lows, indicating accumulation within a descending wedge structure. A breakout above $0.030 would confirm a trend reversal, likely pushing the price toward the $0.048-$0.052 target.
With Bitcoin’s continued strength and altcoin momentum building, JASMY appears poised for a bullish shift in the coming weeks. However, traders should remain cautious, as external market conditions and macroeconomic factors can impact price movements.
Final Thoughts
With Bitcoin’s strength supporting altcoin momentum and a bullish harmonic setup in place, JASMY could be poised for a trend shift in the coming weeks. However, traders should remain cautious, as market conditions and external factors such as macroeconomic events can influence price movements.
Disclaimer: This article is for informational purposes only and not financial advice. Always conduct your own research before investing in cryptocurrencies.
