Jasmy price technical analysis as rebound accelerates

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Jasmine coin price rose on Monday, continuing the bullish trend that began in December when it dropped as low as $0.0028. It reached a high of $0.0074, which is the highest point since September 18. It has jumped more than 152% from its lowest point in December as we wrote Here,

JASMY/USD Daily Chart Analysis

The daily chart shows that the price of JASMY Coin has been in a strong bullish trend over the past few weeks. This recovery has been accompanied by higher volume levels. At the same time, the coin managed to climb above the important resistance level of $0.0060, which was the highest point on January 24.

Jasmine also jumped above the 50% Fibonacci retracement level. Besides, it jumped above the important resistance point at $0.0068 (October 30 high). It has also jumped above the 50-day moving average and the Ichimoku cloud indicator. Jasmine, known in Japan Bitcoin, An inverted head and shoulders pattern has also formed, which is a bullish signal.

Hence, it seems Jasmi’s momentum needs to pick up in the days to come. If this happens, the next key resistance lies at $0.0086, which is the 61.8% Fibonacci retracement point. This price is about 27 percent above the current level.

On the other hand, a decline below the crucial $0.0060 support will invalidate the bullish view. If it does, it will signal that there are still sellers left in the market who would be willing to push it towards the next key support at $0.0050.

Jasmine Price 4H Chart Analysis

On the 4H chart, we see that the Jasmine Coin price has made a great recovery over the past few weeks. As it climbed higher, the coin crossed the key resistance level at $0.0060, where it was struggling to move higher on January 24 and February 2. The coin is also above the 25-day and 50-day EMA.

At the same time, a closer look reveals that the volume bars have started to drop. Hence, this could be a sign that the bullish trend is losing ground, which could see a retracement in the days to come. But on the positive side, the coin has formed a small hammer pattern, which is a bullish signal.

A reversal will be confirmed if Jasminecoin price breaks below the hammer low at $0.0065.

JASMY/USD Chart by TradingView

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