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<p>Chillbo Swaggins expresses a strong stance on JasmyCoin (JASMY), countering widespread fears about a potential price collapse. The analyst notes that many traders are fixated on a seemingly big scary looking head and shoulders pattern, suggesting a drastic downturn. However, he questions this outlook, particularly in light of Bitcoin’s impending bullish run, which he believes is imminent.</p>
<h2 class="wp-block-heading" id="the-ongoing-bearish-outlook">The Ongoing Bearish Outlook</h2>
<p><a href="https://x.com/King_Dingus_III/status/1853189473804366222?t=uAEBLLxECmyd6jIIKGzgXQ&amp;s=19" target="_blank" rel="noopener noreferrer nofollow">In his analysis</a>, Chillbo notes the current market dynamics and technical indicators for JASMY. He points out that while the weekly chart reveals a <a href="https://altfins.com/knowledge-base/how-to-trade-descending-triangle-pattern-crypto-chart-pattern/'" target="_blank" rel="noopener noreferrer nofollow">descending triangle pattern</a> characterized by lower highs and a horizontal support line, this pattern alone does not guarantee a bearish outcome.</p>
<p>He emphasizes the importance of the consistent higher lows observed on higher time frames, which may indicate underlying strength despite the prevailing bearish sentiment.</p>
<p><strong><em>Read Also: <a href="https://captainaltcoin.com/heres-why-jasmycoin-jasmy-could-be-worth-more-than-you-think/" target="_blank" rel="noopener noreferrer nofollow">Here’s Why JasmyCoin (JASMY) Could Be Worth ‘More Than You Think’</a></em></strong></p>
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="1024" src="https://captainaltcoin.com/wp-content/uploads/2024/11/image-95-1024x1024.png" alt="" class="wp-image-577548" srcset="https://captainaltcoin.com/wp-content/uploads/2024/11/image-95-1024x1024.png 1024w, https://captainaltcoin.com/wp-content/uploads/2024/11/image-95-300x300.png 300w, https://captainaltcoin.com/wp-content/uploads/2024/11/image-95-150x150.png 150w, https://captainaltcoin.com/wp-content/uploads/2024/11/image-95-768x768.png 768w, https://captainaltcoin.com/wp-content/uploads/2024/11/image-95-1536x1536.png 1536w, https://captainaltcoin.com/wp-content/uploads/2024/11/image-95-2048x2048.png 2048w, https://captainaltcoin.com/wp-content/uploads/2024/11/image-95-100x100.png 100w, https://captainaltcoin.com/wp-content/uploads/2024/11/image-95-350x350.png 350w, https://captainaltcoin.com/wp-content/uploads/2024/11/image-95-788x788.png 788w, https://captainaltcoin.com/wp-content/uploads/2024/11/image-95.png 900w" sizes="(max-width: 1024px) 100vw, 1024px">
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<p>The analyst also discusses the <a href="https://www.investopedia.com/articles/active-trading/042114/overbought-or-oversold-use-relative-strength-index-find-out.asp" target="_blank" rel="noopener noreferrer nofollow">relative strength index (RSI)</a> on the weekly chart, which shows a declining trend. He suggests that a reversal could be on the horizon if the RSI begins to rise from its oversold conditions.</p>
<p>This potential for upward momentum is bolstered by the daily chart, where JASMY has formed a double bottom at the crucial $0.016 support level. This pattern often signals a potential reversal, particularly if JASMY can break above the descending resistance line.</p>
<h2 class="wp-block-heading" id="bitcoin-bull-run-to-raise-jasmy-price">Bitcoin Bull Run to Raise JASMY Price</h2>
<p>Chillbo acknowledges the valid concerns regarding the head and shoulders pattern, as it traditionally signals a trend reversal to the downside. However, he counters this bearish sentiment by arguing that the anticipated bullish phase for Bitcoin could lift other cryptocurrencies, including JASMY.</p>
<p>He believes that if Bitcoin experiences a significant rally, it is likely to exert a positive influence on <a href="https://www.coingecko.com/en/coins/jasmycoin" target="_blank" rel="noopener noreferrer nofollow">JASMY’s price movement</a>, diminishing the possibility of a substantial breakdown.</p>
<p><strong><em>Read Also: <a href="https://captainaltcoin.com/lawyer-explains-how-ripple-uses-escrow-to-protect-the-xrp-price/" target="_blank" rel="noopener noreferrer nofollow">Lawyer Explains How Ripple Uses Escrow to Protect the XRP Price</a></em></strong></p>
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<h2 class="wp-block-heading" id="potential-jasmy-bullish-triggers-identified">Potential JASMY Bullish Triggers Identified</h2>
<p>Key support is identified at the $0.016 level, which has shown resilience against further declines. A bounce from this support, in conjunction with the double-bottom formation, may indicate bullish potential in the near term.</p>
<p>Additionally, a breakout above the upper boundary of the descending triangle on both the daily and weekly charts would invalidate the bearish implications and likely attract more buyers.</p>
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<p>The post <a href="https://captainaltcoin.com/analyst-confident-jasmycoin-jasmy-price-wont-crash-despite-scary-bearish-signal/" rel="noopener noreferrer nofollow">Analyst Confident JasmyCoin (JASMY) Price Won’t Crash Despite ‘Scary’ Bearish Signal</a> appeared first on <a href="https://captainaltcoin.com" rel="noopener noreferrer nofollow">CaptainAltcoin</a>.</p>

Analyst Confident JasmyCoin (JASMY) Price Won’t Crash Despite ‘Scary’ Bearish Signal

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