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Cryptocurrency News Articles
This Crypto Trader Predicts JasmyCoin (JASMY) Price Will Do 2x In ‘Coming Weeks’ – Here’s How
Sep 29, 2024 at 03:45 pm
Top crypto analyst, World of Charts, has shared an optimistic prediction for JasmyCoin (JASMY). He suggests that the token could experience a 2x price increase in the coming weeks.
A prominent crypto analyst, known as World of Charts, has recently shared an optimistic prediction for JasmyCoin (JASMY). According to his analysis, the token is poised for a 2x price increase in the upcoming weeks.
This prediction is based on a close examination of JASMY's price chart, which reveals a classic bullish pennant pattern—a key indicator for potential upward movement.
🔎 $Jasmy #Jasmy Coin With Strong Community Showing Strength After Long Text Book (Bullish Pennant) On Verge Of Massive Breakout
Successful Breakout Can Lead 2x Bullish Wave In Coming Weeks
Chart + Analysis ⬇️ pic.twitter.com/EeDFNdM3OR
In technical analysis, a bullish pennant is a common chart pattern that often appears after a strong upward price movement, called the flagpole, followed by a period of consolidation. During this phase, the price swings within a limited range, forming converging lines of support and resistance.
While the pennant formation suggests that JasmyCoin's price momentum has paused momentarily, the overall bullish trend remains intact. Such formations are typically interpreted by traders as an indication that the asset is likely to resume its upward trajectory.
In the shared chart, JASMY's price can be seen breaking out of the upper resistance line of the pennant, signaling a potential continuation of the previous bullish trend. Breakouts from bullish pennants are often accompanied by increased trading volume, which further supports the breakout.
Based on the flagpole height, which is applied from the breakout point to estimate the potential target, World of Charts projects that JasmyCoin could experience a 2x price increase from its breakout point. The target range is visually marked on the chart with a blue rectangle, indicating where the price may be headed in the upcoming weeks.
In addition to the technical analysis, World of Charts also highlights the strength of the JasmyCoin community, which plays a crucial role in maintaining positive sentiment around the token. Strong community support can be a valuable factor in sustaining bullish trends, especially in the volatile crypto market.
The prediction of a 2x price increase is contingent on both the technical analysis and the broader market conditions. If the breakout is supported by high volume and sustained market interest, JASMY may indeed witness the anticipated price surge.
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