Analysis of JASMY, QNT, and MEW: Top Cryptocurrencies to Watch This Week
The cryptocurrency market has recently experienced a significant surge, with the global crypto market cap reaching a record-high valuation of $3.8 trillion as of Sunday. This upward trend was largely driven by Bitcoin’s (BTC) milestone of surpassing $100,000. Several altcoins, including JASMY, QNT, and MEW, also capitalized on this momentum, achieving substantial gains.
JASMY: A 2-Year Peak
JasmyCoin (JASMY) was a major beneficiary of last week’s uptrend, building on momentum that began on November 27 and closing the week with an impressive 69% gain. The token soared by 27.49% on December 3, its largest intraday gain in nearly 10 months, and eventually claimed a two-year peak of $0.0590. However, JASMY has since dropped to retest $0.047, with its relative strength index (RSI) slumping to 68. To hedge against steeper drops, the asset must retain $0.03912, with the next support resting on the 20-day MA at $0.03178.
QNT: A 67% Rally
Quant (QNT) also began the week on a bullish note, riding on Bitcoin’s uptrend to record a substantial weekly gain of 67%. This marked one of its most bullish weekly performances this year. QNT has been on an ascending channel since early November, with the bulls leveraging the lower trendline to defend a drop below $96 on December 1. To remain within the channel and sustain the uptrend, QNT must hold above the Fibonacci 0.618 retracement at $126.3. If the upsurge resumes, a push above $170.7 could trigger the start of a new explosive phase.
MEW: Consolidation Below $0.01
Cat in a dog’s world (MEW) largely consolidated despite the prevalent uptrend in the market last week, managing a 2.5% weekly gain. Launched in March, MEW is a cat-themed Solana-based meme coin that gained attention by burning 90% of its supply at launch. The token began last week with an impressive 4.62% gain but collapsed 7.32% in two days, retesting the $0.0083 low, and then consolidating at $0.009 following a mild recovery. To turn its momentum bullish, MEW would have to recover above the Pivot level at $0.010016, with the first resistance resting at $0.01204 and a further roadblock at $0.01329.
Predictions
Based on the analysis, here are some potential outcomes for JASMY, QNT, and MEW:
- JASMY: If the asset retains $0.03912, it may continue its uptrend, potentially reaching new highs. However, a drop below this level could lead to steeper declines.
- QNT: If QNT holds above $126.3, it is likely to remain within the ascending channel and sustain its uptrend. A push above $170.7 could trigger a new explosive phase.
- MEW: To turn its momentum bullish, MEW needs to recover above $0.010016. If successful, it may face resistance at $0.01204 and $0.01329.
Key Points to Remember
- The global crypto market cap has reached a record-high valuation of $3.8 trillion.
- Bitcoin’s (BTC) milestone of surpassing $100,000 drove the recent upward trend.
- JASMY, QNT, and MEW achieved substantial gains, with JASMY reaching a 2-year peak and QNT rallying 67%.
- MEW largely consolidated, managing a 2.5% weekly gain.
- The Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) are essential indicators to monitor for these assets.
Conclusion
The recent surge in the cryptocurrency market, driven by Bitcoin’s milestone, has created opportunities for altcoins like JASMY, QNT, and MEW to achieve substantial gains. By monitoring key indicators and support levels, investors can make informed decisions about these assets. However, it is essential to remember that the cryptocurrency market is highly volatile, and predictions are subject to change based on market conditions.
