Jasmy (JMS) Price Prediction: Can the Japan Bitcoin Crack the $0.025 Resistance?

Crypto prices have staged a strong comeback this week, leading to substantial liquidations of short sellers. Bitcoin has cracked the key resistance level at $90,000

Crypto prices have staged a strong comeback this week, leading to substantial liquidations of short sellers. Bitcoin, the world’s largest cryptocurrency, has cracked the key resistance level at $90,000.

Meanwhile, the market valuation of all coins is nearing the crucial level of $3 trillion. This article looks at two coins, Jasmy and Onyxcoin, and provides their forecast.

Crypto to Buy: Jasmy

Jasmy, popularly known as Japan’s Bitcoin in crypto circles, has bounced back, as we had predicted here. The main bullish catalyst for JasmyCoin is that it has formed a falling wedge pattern on the daily chart. This pattern consists of two falling and converging trendlines, often leading to a strong bullish breakout.

The bullish breakout above the falling wedge pattern has already happened, and the coin has already moved above the key resistance level at $0.160, the lowest swing in August and November last year. Moving above that level is a sign that bulls are powering on ahead.

The coin has surpassed the 50-day moving average, while the RSI has shifted upward. Therefore, the coin is likely to continue rising as buyers target the resistance level at $0.25, which is approximately 55% above the current level. A drop below the support at $0.13 will invalidate the bullish outlook.

Altcoin to Sell: Onyxcoin (XCN)

Onyxcoin is one of the top altcoins to sell now that it has surged by over 1,200% from its lowest level in 2024. There are a few reasons for selling the token. First, the chart above shows that the token is slowly forming a double-top pattern whose neckline is at $0.0166.

A double-top pattern often leads to a bearish breakdown over time. If this happens, it will likely drop to the psychological point at $0.010.

Second, CoinGlass data shows that the token has negative funding rates. A negative funding rate means that short traders are paying long traders. This simply means that the price of a perpetual futures contract is lower than the spot price. In most periods, this performance signals a bearish sentiment.

Furthermore, the Onyx Protocol is performing poorly, with a total value locked in the network of only $93 million, significantly lower than its all-time high of nearly $700 million.

Finally, the ongoing Onyxcoin price rally is happening without a clear catalyst, raising concerns about market manipulation.