JasmyCoin (JASMY) Price Stabilizes Near $0.012 Amid Broadening Wedge Pattern

JasmyCoin (JASMY) has been trading within a broadening wedge pattern for several months, indicating potential volatility and significant price movements. According to crypto analyst Jonathan Carter, the current structure suggests a possible breakout. At the time of writing, the price of JASMY is around $0.012, stabilizing just above a critical support zone.

The daily chart displays a clear broadening wedge pattern, characterized by high volatility and substantial price swings. This pattern forms when the price oscillates between two diverging trendlines, with each swing becoming wider. Since the beginning of the year, JASMY has been fluctuating between descending resistance and support lines.

Jonathan Carter notes that the lower boundary of this wedge has repeatedly acted as support, preventing the price from falling further. This support level is near $0.01, a psychological threshold that has held firm despite strong sell pressure. On the upside, the descending resistance line has capped every recovery attempt. JASMY is now approaching this upper trendline again, and Carter suggests that a confirmed breakout above it could signal a trend reversal.

If a breakout occurs, Carter identifies key price targets at $0.0155, $0.0200, $0.0280, and eventually $0.0400. These levels correspond with past volume peaks and price congestion zones, making them realistic points where traders may take profit or reassess momentum. The volume profile on the chart shows a cluster of activity around the current price, but volume thins out above $0.015, indicating that a clean breakout could result in a rapid upward move due to reduced selling pressure at higher levels.

The Relative Strength Index (RSI) on the chart also reveals an interesting trend. Although it is still below 50, the RSI has been forming higher lows since early June, suggesting growing bullish momentum beneath the surface. This divergence between price action and RSI often signals an impending breakout.

For JASMY to escape its long-term downtrend, the market needs a strong move above $0.015. This level is not only a resistance from the wedge but also a former support that has recently turned into a ceiling. Carter believes that once this barrier is broken, bullish sentiment could quickly accelerate. The main confirmation would be a daily candle closing well above the descending trendline, ideally with a spike in volume. From there, Carter sees a realistic chance that JASMY could rise toward $0.020 and beyond, especially if broader market sentiment remains supportive.

JasmyCoin is currently at a critical juncture. The broadening wedge has created a pattern of lower highs and lower lows, but the consolidation near the support zone suggests underlying strength. With momentum slowly shifting and volume building, traders are closely monitoring for a breakout signal. Carter has outlined the key levels to watch: support at $0.01, and resistance zones at $0.0155, $0.0200, $0.0280, and $0.0400. A breakout above the wedge would not only end months of downtrend pressure but could also open the door to a potential multi-stage rally. All eyes are on whether JASMY can push through the wedge’s upper boundary and flip resistance into support.