Date: February 1, 2025 | 11:58 AM GMT
The cryptocurrency market is seeing a pullback today, with major altcoins trading in red as Ethereum (ETH) retesting its breakout level around $3,250.
Amid this, JasmyCoin (JASMY) is also experiencing a 5% decline, currently trading at $0.032. However, a key technical setup suggests that a potential rally could be on the horizon.
Source: Coinmarketcap
JasmyCoin Retests Falling Wedge Breakout
JasmyCoin (JASMY) has recently broken out of a falling wedge pattern. The breakout occurred on January 30, when the price surged above the descending resistance trendline at $0.030, leading to a short-term rally to $0.03463.
JasmyCoin (JASMY) Daily Chart/ Coinsprobe (Source: Tradingview)
However, today’s price drop led to a retest of the breakout level at $0.030, but with support from the 25 SMA, the price has now recovered to $0.032.
If JASMY successfully holds this level and bounces, it could target the next resistance zones at $0.036 and $0.041—representing a 30% potential upside from the current price.
What’s Next for JASMY?
JasmyCoin’s next move largely depends on Ethereum’s (ETH) performance.
Ethereum (ETH) Daily Chart/ Coinsprobe (Source: Tradingview)
Since ETH is also retesting its breakout, a successful bounce from $3,250 could trigger a broader altcoin rally, benefiting JASMY as well.
Disclaimer: This article is for informational purposes only and not financial advice. Always conduct your own research before making investment decisions.
