JasmyCoin (JASMY) Could Rally 30x If Price Breaks Out From This Key Level

The crypto analyst known as Steph is Crypto, who boasts over 20,000 followers on Twitter, provided insights on JasmyCoin (JASMY).

Cryptocurrency influencer Steph is Crypto, who has over 20,000 followers on X, shared his insights on JasmyCoin (JASMY). He observed a forming cup and handle pattern on the weekly chart, suggesting that a breakout from this key level could lead to a significant price increase, potentially reaching $0.62.

At the time of writing, JasmyCoin is trading at around $0.0187. A surge to $0.62 would indicate an incredible 3,300% increase, far exceeding a 30x return on investment.

The analyst highlighted the chart of the JASMY/USDT pair, showcasing the formation of a cup and handle pattern. This classic bullish continuation pattern often indicates a high probability of an upward move after a breakout.

The cup portion of the pattern has been forming from early 2022 to mid-2023, featuring a rounded bottom. This formation indicates a gradual transition from bearish to bullish sentiment, showing that selling pressure has been decreasing over time. As a result, buyers are gaining strength, pushing the price higher.

After the cup, the handle has been forming as a small descending channel or flag since mid-2023. This consolidation phase indicates a slight pause or minor correction, which is common before a potential breakout. The price retracing slightly from the peak of the cup creates a lower high, setting the next higher target for the breakout.

If the handle breaks out to the upside, it would validate the pattern and likely lead to a significant bullish move. The chart indicates a target price of $0.62, which aligns with the height of the cup measured from the breakout. This target indicates a substantial rally from the current price.

A crucial aspect of this analysis is the horizontal resistance line at the top of the cup, which serves as the key breakout level. A weekly close above this resistance could initiate the next major rally for JASMY.

The cup and handle pattern is widely recognized as a bullish indicator, and JASMY’s weekly chart presents this formation prominently. If JASMY/USDT breaks through the resistance of the handle, it could trigger a rally with a target of $0.62.

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