• JASMY’s inverted head and shoulders pattern hints at a potential bullish breakout.
• A daily close above $0.033 could propel JASMY towards a target of $0.055.
• JASMY’s pattern suggests a bullish reversal, with key resistance at $0.033.

JASMY is shaping an intriguing technical pattern on the daily timeframe. This pattern (an inverted head and shoulders) often suggests a potential bullish breakout.

According to the post below by Steph is Crypto, the key level to watch is the neckline at $0.033. A confirmed daily candle close above this level could validate a technical target of $0.055.

Dissecting the Head and Shoulder Pattern

The inverted head and shoulders pattern is a reversal formation that often signals the end of a downtrend. It consists of three troughs, with the middle trough being the lowest.

The two outside troughs, known as shoulders, are higher than the head, creating the appearance of an upside-down head and shoulders. In Jasmy’s case, this pattern has been forming over the past few weeks, indicating a possible shift from bearish to bullish sentiment.

If Jasmy manages to close above the $0.033 neckline, a breakout would be confirmed, setting the stage for a potential rally towards $0.055. This target is derived from measuring the distance between the head’s lowest point and the neckline, then projecting that distance upward from the breakout point.

Such a move would represent a significant gain for Jasmy, capturing the attention of traders and potentially attracting new investors. While no technical pattern is foolproof, the historical success of this formation offers a level of confidence for those betting on Jasmy’s future performance.

If Bitcoin and other major cryptocurrencies maintain stability or continue their upward trajectories, Jasmy’s breakout could gain further momentum. However, if the market faces unexpected downturns, the anticipated move might be delayed or invalidated.