Crypto Analysis: Buy Jasmy and Sell Onyxcoin (XCN)

The article reviews the current cryptocurrency market, highlighting Jasmy as a buy due to bullish indicators, while suggesting Onyxcoin (XCN) as a sell due to bearish patterns and declining performance metrics. Jasmy’s recent breakout signals growth potential, whereas Onyxcoin shows signs of possible manipulation and downturns.

Overview of Current Crypto Market Trends
The cryptocurrency market has experienced a notable resurgence this week, leading to significant short-seller liquidations. Bitcoin has successfully breached the crucial resistance level of $90,000, with the overall market capitalisation approaching $3 trillion. This article assesses two cryptocurrencies: Jasmy and Onyxcoin (XCN), providing insights into their respective forecasts.

Recommended Cryptocurrency: Jasmy
Jasmy, referred to as Japan’s version of Bitcoin, has recognised a positive trend. The primary bullish indicator is the formation of a falling wedge pattern on the daily chart, characterised by two converging trendlines, which frequently indicates a forthcoming bullish breakout.
Tangible bullish action has been noted as JasmyCoin has surpassed the key resistance level of $0.0160, recognised as the lowest points in August and November last year. This upward movement signals robust buying interest from investors.
Furthermore, Jasmy has successfully crossed the 50-day moving average, with the Relative Strength Index (RSI) trending upward. Projected targets for buyers are set at $0.025, representing a potential gain of approximately 55%. However, a fall below the support level of $0.013 would negate the bullish forecast.

Recommended Altcoin to Divest: Onyxcoin (XCN)
Onyxcoin, despite having surged over 1,200% from its 2024 low, is now recommended for divestment. The token is beginning to form a double-top pattern, with the neckline positioned at $0.0166, which historically leads to bearish market movements. A breakdown could see Onyxcoin’s price decline to the psychological support level of $0.010.
Additionally, data from CoinGlass indicates that Onyxcoin is experiencing negative funding rates, suggesting that short traders are compensating long traders—a scenario often associated with bearish market sentiment.
Moreover, the Onyx Protocol’s performance is underwhelming, with its total value locked at only $93 million, substantially lower than its historical peak of nearly $700 million.
Finally, the current ascent in Onyxcoin’s price lacks a definitive catalyst, fuelling suspicions of potential market manipulation.