JasmyCoin (JASMY) Resumes Journey to All-Time High, but One Key Resistance Threatens Bullish Momentum

In our last analysis on JasmyCoin (JASMY), the price broke a key resistance to close above the $0.03 level.

JasmyCoin (JASMY) price rose sharply on August 23, continuing its journey toward an all-time high.

After breaking through a crucial resistance at $0.03 in the previous analysis, JASMY price showed strength in the lower time frames.

However, as noted in the analysis, the price was nearing overbought levels, which could lead to a retracement.

果然, the next day saw a retracement of around 9% from the highest price, putting pressure on the bulls.

Now, the price has resumed its bullish momentum with a more than 10% rally.

Could Resistance Stop Price Ascent?

After two days of price correction and consolidation, the bulls are back in control, pushing JASMY price up more than 10% from the lowest price of the correction.

The price has spiked above the last highest price before the two days of price correction and is now facing resistance at around $0.033.

This resistance has stopped the price from going further up at least four different times since mid-June. A breakout from this point should follow the A, B, C Elliott Wave pattern in the chart.

You can simply interpret it as a breakout, then a retest, followed by a continuation to the next key resistance.

Breaking and holding the next $0.033 resistance is key to a possible 14% price rally to $0.037 in the short term, as it continues its journey to reach its previous all-time high once again.

At the time of writing, the daily chart Relative Strength Index (RSI) is at 59, strengthening the bullish possibilities.

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The 50-day Simple Moving Average (SMA) is now below the price, forming support at the point where the bullish continuation started today. This also points to a short-term bullish bias.

The indicators are pointing to bullish possibilities. However, we need to see a break from the price resistance at $0.033 first.

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