In today’s trading session, Jasmy Coin price started aggressively bearish, and at one point, it was down by almost 3 per cent. However, the trend has changed to bullish in the past few hours, and prices are almost reverting to the upside.
For the past few weeks, Jasmy Coin has traded in tandem with the general cryptocurrency industry due to its significant positive correlation with the industry trend. Therefore, for more than a month, the Jasmy Coin price has struggled to establish a trend and has instead traded in a sideways market, which has reflected the seesawing of the cryptocurrency industry around the $1 trillion market capitalization.
A look at the Jasmy Coin daily chart clearly shows it has struggled to establish a trend and has instead traded in a sideways market. For the past month, the prices have traded within a narrow price range of $0.0084 and 0.012. The prices have also failed numerous times to break out of the support and resistance levels of $0.0084 and $0.014 since the start of May.
The Williams Alligator also gives signals of a horizontal trend, where not much is happening in the markets. However, the Jasmy Coin price is at a price level where anything can happen. The chart below shows Jasmy trading along the $0.0084, a zone that has not been broken despite many attempts.
Therefore, if Jasmy Coin manages to break out of the support level and trend downwards, then it will be a confirmation of a new bearish trend. However, failure to break to the downside will indicate a possibility of the continuation of the horizontal trend that has lasted for over a month. In addition, unless Jasmy coin hits and trades above the $0.014 resistance level, it will also be a continuation of the sideways market that Jasmy Coin has traded for the past three months.
This post was last modified on %s = human-readable time difference 16:16