"JASMYCoin's Bullish Setup: Cup & Handle Pattern Points to Altcoin's High Potential in 2024"

JasmyCoin (JASMY) has been under the spotlight recently due to its potential bullish setup, as indicated by a classic Cup & Handle pattern on its weekly chart. This pattern suggests a transition from selling pressure to accumulation, which could lay the foundation for future upward momentum. The "Cup" phase began with a steep decline from $5.00 in 2021, followed by a rounding bottom between 2022 and 2023, reaching a low near $0.002. The "Handle" phase formed after breaking the long-term downtrend resistance near $0.005 and is currently consolidating above the key support range of $0.016-$0.034.

Analysts have indicated that a confirmed breakout from this handle could propel JASMY toward the Fibonacci resistance targets of $0.30-$1.00, making it a high-potential altcoin for 2024. However, the current price performance and key indicators suggest a mixed outlook. JASMY was trading at $0.02551 at press time, reflecting a 4.22% increase over the last 24 hours but a 4.21% decline over the past seven days. The asset remains below its short-term moving averages, with the 9-day at $0.0267 and the 26-day at $0.0311, indicating ongoing selling pressure.

The Choppiness Index (CHOP) is at a reading of 53.16, suggesting a balance between trending and consolidation phases, and indicating market indecision. JASMY's recent sideways price movement supports this signal, with the asset trading within a tight range. If CHOP falls below 38, it may point to a stronger directional trend forming in the near future. The Klinger Oscillator, currently at -30.357M, remains in bearish territory, indicating low buying pressure and declining volume in favor of sellers.

On-chain signals reflect bearish sentiment, with data from IntoTheBlock showing reduced wallet activity, slower adoption, and fewer holders currently in profit. Other metrics, such as Concentration and Large Transactions, show declining whale activity and reduced accumulation by large holders. This reflects limited confidence among key players, and JASMY may face