JASMY price breaks downtrend: can bulls reclaim key level?

Jasmycoin (JASMY) surged to a high of $0.044 in early June before dropping to $0.015 as Bitcoin (BTC) and other cryptocurrencies took a significant hit on August 5, 2024.

The token revisited this level in early September 2024, dipping to long-term horizontal support around $0.017.

However, after a decent upside in the past week, JASMY has jumped to $0.023.

That includes a more than 19% surge in the past week. It’s a significant pump that sees JasmyCoin breakout from below a major downtrend line.

What’s the price outlook for JASMY amid this potential bullish breakout?

JASMY pumps nearly 20% in a week

The JasmyCoin price is showing potential for an upward breakout after a nearly 20% surge last week.

After facing rejection at $0.023 on August 25, 2024, bears drove the altcoin’s value down to around $0.018.

Despite strong downside pressure that affected major altcoins, JASMY has regained upward momentum and retested a key price level.

In the past 24 hours, trading volume spiked by 13% to over $110 million, with the coin’s value increasing by 3.4% during this period. JASMY is up nearly 20% for the week.

According to CoinGecko, the native token of the Japan-based project has soared over 534% in the past year.

Bulls eye gains as JasmyCoin breaks downtrend

JASMY’s upward momentum over the past week indicates a bullish resilience that might catalyse another leg up.

The rebound to $0.023 is significant, as buyers have reclaimed a key level following JasmyCoin's breakout from beneath the downtrend line.

Additionally, buyers may gain further advantage from the developing falling wedge pattern.

If bulls maintain support above the trendline and successfully retest resistance at $0.032, they could aim for the year-to-date highs of over $0.044, last reached in June.

However, if the price slips below the trendline and support at $0.022, bears could target $0.017. This is an initial demand zone, with $0.017 and $0.015 below it. JASMY has revisited the $0.015 level multiple times since February, including after a brief surge in March.

What could help JASMY price?

With the broader market eyeing new momentum in coming months, the move above $0.023 could allow buyers to bet on further gains. This is what the rise in open interest for JASMY indicates, with Coinglass data showing OI now at $34.75 million for a 2.4% increase.

Apart from the overall crypto market bullish outlook, Jasmy is likely to benefit from a number of catalysts for gains.

The coin’s listing on Binance’s innovation zone helped add notable visibility for JASMY.

Fresh announcements related to this could tie in with major partnerships in the IoT and blockchain space to boost sentiment.