Could prices reach $0.0580 soon?

• Jasmycoin bounced off the $0.00380 support, with a falling wedge breakout targeting $0.03477 to $0.0580
• The data from a bearish streak seemed to contradict bullish technical indicators

Jassicoin (Female)at press time, it was Formation of a falling wedge pattern on the daily time frame – a structure often associated with a bullish reversal. In fact, the wedge included a descending resistance line at the top and a descending support line at the bottom.

Jasmi’s price tested the lower boundary of this pattern recently, bouncing off the 200-day moving average (MA 200) near $0.00380. This bounce hinted at possible bullish momentum in the charts, setting the stage for a breakout scenario.

Actually according to a crypto analyst Jonathan Carter,

“A potential breakout could push Jammy’s price towards the $0.03477, $0.0365, $0.0410, $0.0490 and $0.0580 targets.”

These targets align with historical Altcoin price action and volume clusters representing realistic levels for bullish continuation should the wedge be breached to the top.

Major support and resistance levels

At press time, Jasmi was supported by the $0.00360 to $0.00380 zone, where the lower boundary of the wedge and the 200 MA converge.

This area provides persistent support and appears to be at the heart of Crypto’s price action. Above, resistance was located near $0.00500, where the upper boundary of the wedge and horizontal resistance aligned with each other.

If price breaks above this resistance, traders can expect Jami to head higher as outlined by the potential for a breakout of the falling wedge.

However, failure to hold support at the lower bound could lead to a retest of the lower levels. This will potentially invalidate the existing bullish structure.

Technical indicators signal neutral to bullish momentum

At press time, the Relative Strength Index (RSI) for Altcoin had a reading of 42.90, indicating neutral to slightly oversold conditions. A rising RSI would confirm increasing bullish momentum. Especially if the price breaks out of the wedge.

The 200-day moving average (MA 200) has also acted as a strong support level, reinforcing the prevailing bullish setup.

However, the chain’s data paints a mostly bearish picture. According to Intotheblockindicators such as net network growth (-1.01%), in the money (-4.09%) and large transactions (-3.15%) highlight reduced network activity and profitability.

Together, these findings hint at cautious market sentiment during the consolidation phase.

Market activity and liquidation trends

Data from Intotheblock also shows that large transactions (≥ $100,000) peaked at 47, but fell to 25 in the last 24 hours. This could be seen as a sign of waning interest from high value traders.

The latest drop in transaction volume also aligned with the activity at the lower address. Especially since new addresses fell by 4.94% and active addresses decreased by 12.97% in the last week.

Finally, liquidation data revealed that there were $74.4,000 worth of liquidations in the last 24 hours – $49.8,000 in long positions and $24.6,000 in short positions.

Liquidation spikes on Jan. 20 also topped 80,000 contracts, underscoring the high volatility earlier in the week.

Simply put, time pressure data hint at reduced market activity, suggesting a period of stabilization following significant liquidation events.

Jasmine’s falling wedge pattern seemed to hint at a bullish technical setup as well. If a breakout occurs, the price could hit key targets driven by technical strength and an increase in participation.