Analyst Confident JasmyCoin (JASMY) Price Won't Crash Despite 'Scary' Bearish Signal
Chillbo Swaggins expresses a strong stance on JasmyCoin (JASMY), countering widespread fears about a potential price collapse.
Popular crypto analyst Chillbo Swaggins has shared his thoughts on the potential price trajectory of JasmyCoin (JASMY), expressing confidence that the coin's price will not experience a drastic decline despite a concerning bearish signal.
In his analysis, Chillbo highlights the technical indicators and market dynamics for JASMY, providing a comprehensive perspective on the coin's price movements. He begins by examining the weekly chart, which reveals a descending triangle pattern characterized by lower highs and a horizontal support line. While this pattern is typically associated with a bearish outcome, Chillbo notes that this conclusion is not guaranteed.
Emphasizing the significance of consistent higher lows observed on higher time frames, Chillbo suggests that these lows may indicate underlying strength despite the prevailing bearish sentiment. This observation aligns with the technical analysis, which shows a series of higher lows on the weekly chart.
Moving on to the relative strength index (RSI) on the weekly chart, the analyst points out a declining trend in the RSI, indicating a potential buildup of selling pressure. However, he notes that the RSI is also approaching oversold conditions, suggesting a possible reversal. If the RSI begins to rise from these oversold levels, it could indicate a shift towards bullish momentum.
Zooming in on the daily chart, Chillbo highlights JASMY's formation of a double bottom at the crucial $0.016 support level. This pattern is widely recognized as a bullish reversal formation, especially if JASMY manages to break above the descending resistance line.
Finally, the analyst acknowledges the valid concerns regarding the head and shoulders pattern, as it traditionally signals a trend reversal to the downside. Countering this bearish sentiment, Chillbo argues that the anticipated bullish phase for Bitcoin could lift other cryptocurrencies, including JASMY. He believes that if Bitcoin experiences a significant rally, it is likely to exert a positive influence on JASMY's price movement, diminishing the possibility of a substantial breakdown.
In summary, Chillbo's analysis provides a nuanced perspective on the potential price trajectory of JasmyCoin (JASMY), considering both bearish and bullish indicators and highlighting key levels to watch for further price movements.
The above is the detailed content of Analyst Confident JasmyCoin (JASMY) Price Won't Crash Despite 'Scary' Bearish Signal. For more information, please follow other related articles on the PHP Chinese website!

Hot AI Tools

Undresser.AI Undress
AI-powered app for creating realistic nude photos

AI Clothes Remover
Online AI tool for removing clothes from photos.

Undress AI Tool
Undress images for free

Clothoff.io
AI clothes remover

Video Face Swap
Swap faces in any video effortlessly with our completely free AI face swap tool!

Hot Article

Hot Tools

Notepad++7.3.1
Easy-to-use and free code editor

SublimeText3 Chinese version
Chinese version, very easy to use

Zend Studio 13.0.1
Powerful PHP integrated development environment

Dreamweaver CS6
Visual web development tools

SublimeText3 Mac version
God-level code editing software (SublimeText3)

Hot Topics











This new financial instrument would track the token's market price, with a third-party custodian holding the underlying AVAX

In a devastating blow to investors, the OM Mantra cryptocurrency has collapsed by approximately 90% in the past 24 hours, with the price plummeting to $0.58.

Zcash was one of the top gainers during the latest market rally, reaching a high of $35.69 as traders moved a record amount of tokens out of circulation.

A group of former Kraken executives acquired U.S.-listed company Janover, which secured $42 million in venture capital funding to begin building a Solana (SOL) treasury.

The global economic landscape is continuously shifting, and one of the latest disruptions comes from former U.S. President Donald Trump's imposition of tariffs

The Dogecoin price plummeted 17% in the last 24 hours to trade at $0.1365 as of 4.30 a.m. EST on trading volume that skyrocketed 271% to $2.24 billion.

Have you noticed the meteoric rise of meme coins in the cryptocurrency world? What started as an online joke has quickly evolved into a lucrative investment opportunity

As fear drives selling in the crypto market, major coins like Cardano and Solana face tough times.