While Bitcoin trades sideways between $95,000 and $98,000, altcoins are in the midst of a robust bull run, with investors seemingly rotating their gains into altcoins. One standout performer is JasmyCoin (JASMY), which has surged 35% in the past 24 hours, pushing closer to a $2 billion market capitalization.
JasmyCoin’s price has seen a parabolic rise since bouncing off the $0.016 support level on November 5, marking a 144% gain since then. The altcoin is currently trading at $0.04, forming a rounding bottom reversal pattern on the daily chart. JasmyCoin’s 24-hour trading volume now stands at $805 Million with a 125% increase.
The bullish momentum recently broke a long-standing resistance trendline, ending a streak of lower highs. Additionally, the price surpassed the critical supply zone at $0.032-$0.033. JasmyCoin’s intraday gain of 33% marks its seventh consecutive bullish daily candle, indicating strong upward momentum.
With the price now approaching the 100% Fibonacci level at $0.04077, bullish sentiment anticipates a new weekly high, suggesting an upside potential of 96%. However, analysts caution that a retest of the $0.03353 Fibonacci level could occur if momentum falters.
Also Read: Ripple’s XRP Soars: Approaching $3 After 444% Surge
