Date: Fri, February 28, 2025 | 05:32 PM GMT
The cryptocurrency market has experienced one of the sharpest sell-offs of 2025 today, with Bitcoin (BTC) plunging to $79,000 before recovering slightly to $84,000. Meanwhile, Ethereum (ETH) remains down by over 4%, and most altcoins continue to face downward pressure.
Despite the broader market downturn, JasmyCoin (JASMY) has shown resilience with minor drop, holding key support level after undergoing a significant 43% correction over the past 60 days.
Source: Coinmarketcap
Testing a Key Support Level
According to crypto analyst @JohncyCrypto , JasmyCoin (JASMY) is currently trading within a descending channel on the daily timeframe, a pattern that emerged after a rejection from the December 6 high of $0.059. Since then, JASMY has followed a structure of lower highs and lower lows.
JasmyCoin (JASMY) Daily Chart/Source: @JohncyCrypto (X)
Now, after a major 70% correction from its December peak, JASMY has reached a critical support zone between $0.0167 and $0.0185, aligning with the lower boundary of the descending channel. This area has acted as a historical support level, where price previously rebounded.
If this support holds and JASMY bounces from this level, a breakout from the descending channel could trigger a strong recovery, targeting key resistance levels at $0.0210, $0.0255, $0.0320, and $0.0410—a potential 130% upside move from current price levels.
The RSI on the daily chart is also hovering near oversold territory, indicating a potential reversal if buying momentum increases. Additionally, the Volume Profile Visible Range (VPVR) shows significant liquidity between $0.030 and $0.041, suggesting that a breakout above the channel could trigger rapid price appreciation.
Final Thoughts
JasmyCoin is at a make-or-break level, with bulls eyeing a potential breakout from the descending channel. If the price successfully rebounds from support, it could spark a major rally. However, if support fails, further downside risk remains.
Traders should closely watch the volume and market conditions, as broader crypto trends—especially Bitcoin’s price action—could influence JASMY’s next move.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Always conduct your own research before making investment decisions.
