Key Takeaways
JASMY’s breakout faces a key resistance at $0.01786. On-chain and price data suggest that sustained gains depend on clearing $0.02139 with volume confirmation.
JasmyCoin [JASMY] posted a strong rally across multiple timeframes. The altcoin surged 16% in the past 24 hours, lifting its 30-day gains to 41%.
While overall market conditions remain bullish, with rising trading activity and growing buying momentum, JASMY still faces significant resistance ahead.
Key breakout, but resistance looms
JASMY’s recent breakout comes as the altcoin pushed through the upper resistance of a descending channel.
Based on historical chart structure, the next potential target lies near $0.02139. However, a look at the daily chart revealed a major hurdle: price rejection near the $0.01786 zone.
Source: TradingView
A zoomed-in view shows that price has been rejected at this zone, suggesting sell orders are concentrated there and have triggered the recent pullback.
Still, this rejection does not confirm a bearish reversal. Conversely, simply breaking above $0.01786 is not enough to confirm a full bullish trend either.
A complete bullish confirmation would occur if JASMY breaks above $0.02139, thereby forming a new higher high.
What do the indicators say?
Naturally, indicators offered conflicting views.
The Moving Average Ribbon showed that the 100-day and 200-day MAs still hovered above the 20-day and 50-day MAs. This configuration meant the broader trend had not yet flipped bullish despite recent gains.
Source: TradingView
Meanwhile, the Moving Average Convergence Divergence (MACD) presents a more optimistic view.
The MACD line (blue) sits above the signal line (orange), which historically suggests strong momentum and the likelihood of continued price growth.
Still, for a more convincing bullish signal, the lower MAs (20 and 50) would need to cross above the longer-term MAs.
Additional confluence in the market
The derivatives market adds further bullish support.
JASMY’s Open Interest Weighted Funding Rate stayed positive and elevated, currently sitting at 0.0141%, per CoinGlass.
A consistently positive Funding Rate indicates that more long contracts (buys) are being opened than shorts, reflecting overall bullish sentiment.
Source: CoinGlass
Sustained readings above zero typically signal increased leverage from buyers and growing confidence.
On-chain activity reflects bullish sentiment
On-chain activity further confirmed the market’s optimism, with several metrics showing notable spikes.
In the past 24 hours, both the Transaction Count and the number of Unique Addresses interacting with JASMY have increased significantly, according to Etherscan.
Source: Etherscan
At the time of reporting, these metrics surged to 349 and 238, respectively — a clear sign of growing on-chain engagement.
If this activity continues to rise, it could provide fundamental support for a sustained price rally.
