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The cryptocurrency market has been experiencing a short term bearish trend, with many assets seeing substantial price fluctuations. JASMY, for example, has its price falling since early February. Despite this downward trend, there is still hope for bulls in the short-term. In this blog post, we will discuss the current technical analysis of Jasmy and provide a price prediction based on an ending diagonal pattern in play.
The current technical analysis for Jasmy suggests a potential bullish reversal in the near future, supported by the ending diagonal pattern and the potential for RSI divergence and a wedge breakout. While this offers a more optimistic outlook for Jasmy investors, it’s crucial to approach any price prediction with caution and wait for gradual price confirmations along the Elliott Wave roadmap.
Jasmy’s Ending Diagonal Formation
In the midst of Jasmy’s declining price, a technical pattern known as an ending diagonal (wedge formation) is in formation. This pattern often appears at the end of a trend, signifying a potential reversal in the market. In our primary count, this formation is green wave V of blue wave C in the chart below.
RSI Divergence and Wedge Breakout
For a potential bullish reversal, traders should keep an eye on the Relative Strength Index (RSI) on the 4-hour chart. If there is a divergence between the price and RSI, it could indicate that the downtrend is losing momentum and a reversal may be imminent. Also, a breakout from the wedge formation would provide further confirmation for a long trade.
In this scenario, my first target would be 0.0058 resistance. Of course price could go much higher based on my primary count, but predictions need gradual confirmations, so let’s take it one step at a time.
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