JASMY Price Analysis: Jasmy (JASMY) Breaks Out of Descending Wedge, Targeting $0.02078

Jasmy (JASMY) has broken out of a prolonged descending wedge pattern, sparking renewed bullish interest.

The price of Jasmy (JASMY) has surged 114% after forming a bottom and breaking out of a wedge pattern, indicating a potential trend reversal.

This analysis applies Elliott Wave and Fibonacci tools across higher and lower time frames to identify the current structure as a corrective pullback from the main trend.

As the breakout sparks interest, this analysis evaluates the macro breakout and zooms into the microstructure to forecast the next movement.

What Is Next For JASMY

After months of corrective decline within a WXY pattern, which is a key Elliott Wave structure used to identify the flow of a trend, from the previous high of $0.059, reached in January 2023, encountered support at the $0.0089 low on April 7, completing wave (Y) of the steeper structure.

The breakout from the falling wedge is supported by strong bullish momentum, evidenced by the Relative Strength Index (RSI) briefly pushing into overbought levels.

The rapid move saw prices rally 114% after forming a bottom, signaling a potential trend reversal.

Crucially, the price is currently testing the green supply zone at $0.016–$0.018, a time-tested level of resistance that held in January and February.

This aligns closely with the 0.236 Fibonacci retracement level from the previous high at $0.02078, which is acting as near-term resistance.

A successful retest of the breakout zone could signal further bullish continuation, potentially targeting the 0.382 ($0.02812) or 0.5 ($0.03405) Fibonacci levels.

Relative Strength Index (RSI)

The RSI is pulling back from overbought conditions, suggesting a healthy cooling-off, giving bulls room to build momentum again.

Also, considering the macro-structure, so long as JASMY remains above $0.013, the overall outlook remains bullish.

Lower Time Frame Analysis

The lower time frame chart highlights a developing five-wave Elliott structure, with wave (iii) showing signs of topping near $0.0176, setting the stage for wave (iv).

Applying Fibonacci retracement from wave (ii) to wave (iii) shows that the correction may find support at the 0.382 ($0.0141) or the 0.5 ($0.0130) level.

These areas align with past price consolidation, offering strong potential for a bounce.

Should wave (iv) complete in this region, the next impulsive wave (v) could target the 0.02078 level—a key resistance from the higher time frame and a potential completion point for wave (v).

This zone also matches with the upper boundary of the supply zone, showcasing confluence.

The RSI on the 1H chart is neutralizing, pivoting away from overbought conditions, potentially setting the stage for a fresh move-up.

However, if the price drops below the 0.618 retracement at $0.0119, it will invalidate the bullish impulsive count, signaling a deeper correction.

Given the strong structure and momentum, a brief consolidation followed by continuation toward $0.0207 seems more likely.

Key Levels to Watch