Key takeaways

Memecoins have been performing excellently over the past few days, with DOGE, SHIB, FLOKI, PEPE, and PENGU all rallying to new monthly highs. JASMY is not left out as the memecoin is up 16% over the last 24 hours.

At press time, JASMY is trading at $0.02008 and could rally higher in the near to medium term. Data obtained from CoinMarketCap revealed that roughly 53% of JASMY’s total circulating supply moved into whale wallets since the start of the month. In addition to that, exchange reserves dropped to their lowest point since 2024. 

This combination of lower supply on exchanges and increased holdings by whales is creating a price squeeze. With fewer tokens available to buy, JASMY’s price is appreciating. 

The JASMY/USD 4-hour chart is bullish but inefficient. The inefficiency could see JASMY grab liquidity around $0.01854 before preparing for another leg up. The technical indicators are extremely bullish thanks to its ongoing rally.

The Relative Strength Index of 70 shows that JASMY is heading into the overbought region. The Moving Average Convergence Divergence (MACD) lines are also within the positive zone, indicating a strong bullish bias.

The memecoin has also formed a double bottom pattern, which is generally viewed as a bullish reversal signal. The double bottom pattern’s neckline lies within the $0.0226–$0.024 range, with analysts looking at these key levels as confirmation of a breakout.

JASMY could be looking to hit the first major resistance level at $0.022387, which is also its 4.618 Fibonacci level. An extended rally would allow JASMY to hit the $0.025 resistance level over the next few hours. The February high of $0.03440 remains a medium-term target for the JASMY token. 

On the flipside, JASMY could dip lower if the market encounters a correction. JASMY could retest the weekend’s low of $0.01640. However, an extended bearish performance would force the bulls to defend the TLQ and major support level at $0.01525.

The post JASMY pumps 15% to outperform the market, targets $0.034 appeared first on CoinJournal.

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