TLDR:
- JASMY completes third falling wedge pattern with two prior formations resulting in sharp upward rallies.
- JasmyCoin trades at $0.006085 with 1.44% daily gain and 3.67% weekly increase on modest trading volume.
- Symmetrical triangle formation shows price rebounding from support with 100MA acting as key resistance.
- Technical compression suggests potential breakout approaching though pattern validation requires sustained move.
JasmyCoin (JASMY) has entered its third falling wedge formation, drawing attention from technical analysts monitoring the cryptocurrency’s price action.
The token trades at $0.006085 as of writing with a 24-hour trading volume of $9,066,900. This marks a 1.44% gain over the past day and a 3.67% increase during the previous week.
Market observers note JASMY has successfully broken out from two similar patterns previously, each resulting in upward price movements. The cryptocurrency now approaches sub-penny levels while consolidating within the wedge structure.
Technical Pattern Suggests Compressed Price Action
The falling wedge pattern represents JASMY’s third occurrence of this technical formation on recent charts.
Crypto analyst JavonMarks highlighted the setup on social media, pointing to two previous instances where similar patterns preceded upward breakouts.
The first wedge breakout triggered an extended rally marked by substantial gains. A second formation later delivered another sharp price surge following its resolution.
The current wedge shows price compression through declining highs and lows within converging trendlines. This behavior typically indicates diminishing selling pressure as the pattern reaches its apex.
Volume characteristics and the tightening range suggest the market may be approaching a decisive move. However, the direction of that move remains uncertain until price action confirms a breakout.
Past performance of the pattern does not guarantee future results, despite historical precedent. Technical formations can fail to deliver expected outcomes, requiring traders to implement proper risk management strategies.
The sub-penny pricing level means percentage moves translate to larger relative gains or losses compared to higher-priced assets.
Symmetrical Triangle Adds Layer to Technical Picture
Meanwhile, trader CryptoBull_360 identified JASMY rebounding from the support trendline of a symmetrical triangle formation.
The 100-day moving average currently acts as resistance above the price. A breakout above both the triangle pattern and the moving average would confirm bullish momentum. The analyst advised market participants to monitor these levels closely.
The symmetrical triangle differs from the falling wedge but appears simultaneously on JASMY charts. This formation shows converging trendlines with roughly equal slopes, indicating market indecision.
Price action bouncing from support suggests buyers are defending lower levels. Breaking through the 100MA resistance would remove a technical barrier that has capped recent rallies.
Trading volume remains modest at just over $9 million in 24-hour activity. Volume confirmation typically accompanies legitimate breakouts from consolidation patterns.
The combination of falling wedge and symmetrical triangle creates multiple reference points for traders.
Price must clear resistance levels and sustain momentum above breakout points to validate bullish scenarios outlined by technical analysts.
The post JASMY Enters Third Falling Wedge Pattern as Technical Analysts Track Potential Breakout Setup appeared first on Blockonomi.
Source: https://blockonomi.com/jasmy-enters-third-falling-wedge-pattern-as-technical-analysts-track-potential-breakout-setup/
