JASMY Cup & Handle Targets $1: Bullish Setup or Bearish On-Chain Data?

JasmyCoin’s (JASMY) weekly chart shows a classic Cup & Handle pattern, a bullish structure often associated with potential breakout opportunities. 

The pattern started with a steep decline from $5.00 in 2021, followed by a rounding bottom that formed the “Cup” between 2022 and 2023, reaching a low near $0.002. This structure suggests a transition from selling pressure to accumulation, laying the foundation for future upward momentum.

The “Handle” phase formed after breaking the long-term downtrend resistance near $0.005. This retracement, typical of the pattern, is now consolidating above the key support range of $0.016–$0.034. 

Analysts indicate that a confirmed breakout from this handle could propel JASMY toward the Fibonacci resistance targets of $0.30–$1.00, making it a high-potential altcoin for 2024.

Current Price Performance and Key Indicators

JASMY was trading at $0.02551 at press time, reflecting a 4.22% increase over the last 24 hours but a 4.21% decline over the past seven days. With a circulating supply of 48 billion coins, its market capitalization stands at $1.23 billion, supported by a 24-hour trading volume of $96.46 million. 

However, the asset remains below its short-term moving averages, with the 9-day at $0.0267 and the 26-day at $0.0311.

This bearish crossover of moving averages indicates ongoing selling pressure. Price move above the 9-day moving average could signal the beginning of a recovery. 

Until then, the trend remains bearish with limited upward momentum.

Technical Indicators Show Mixed Signals

The Choppiness Index (CHOP), at a reading of 53.16, suggests a balance between trending and consolidation phases, indicating market indecision. JASMY’s recent sideways price movement supports this signal, with the asset trading within a tight range. 

If CHOP falls below 38, it may point to a stronger directional trend forming in the near future.

The Klinger Oscillator, currently at -30.357M, remains in bearish territory. This indicates low buying pressure and declining volume in favor of sellers. 

Without a reversal in this oscillator, the price may continue to face downward pressure.

On-Chain Signals Reflect Bearish Sentiment

Data from IntoTheBlock shows that JASMY’s on-chain activity leans bearish across multiple metrics. Net Network Growth (-0.88%) indicates reduced wallet activity and slower adoption. 

The In the Money (-0.28%) metric suggests fewer holders are currently in profit, potentially increasing the likelihood of selling.

Other metrics, such as Concentration (-0.25%) and Large Transactions (-0.07%), show declining whale activity and reduced accumulation by large holders. 

This reflects limited confidence among key players. If these trends persist, JASMY may face challenges in sustaining upward momentum without renewed interest from major investors or traders.

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