MINA, a utility token backed by a “lightweight” smart contract platform of the same name, continued its upward move nine days after rallying from $1.58, its lowest level to date.
The coin rallied by about 75% to hit $2.75 as of March 24, as traders weighed high-profile funding rounds involving the sale of $92 million worth of MINA tokens to Three Arrows Capital, FTX Ventures, and other venture capitalists.
A general sentiment of recovery in the cryptocurrency market also helped boost MINA price as altcoins generally move alongside Bitcoin (BTC).
What’s more, the ad of Coinbase on March 23, adding MINA support to its cryptocurrency exchange may also have pushed its prospects higher among traders and investors alike.
“Trading will start from 9am PT on Thursday, March 24, if liquidity conditions are met,” Coinbase clarified.
MINE bottoming out?
The latest buying spree in the MINA market came after a long period of brutal sell-offs that saw its price per token fall from its all-time high of $6.71 on Nov. 11, 2021, to $1.58 on March 15, 2022, a decrease of approximately 76.50%.
Nonetheless, MINA’s ongoing bullish pullback has shown signs of bottoming out, i.e. the end of its bearish cycle from November to March, based on three widely tracked technical setups: rising volumes, key moving averages, and a price-impulse indicator.
Specifically, MINA’s bounce has caused it to break above both its 20-day and 50-day exponential moving averages (the green and red waves in the chart above). Meanwhile, the move higher was accompanied by an increase in trading volumes, which means that traders and investors are convinced of the rally.
Furthermore, the MINA Moving Average Convergence/Divergence (MACD; the blue wave) moved above its zero line, a bullish indicator.
Conversely, MINA risked a pullback move as its RSI approaches the 70 overbought benchmark level and price is facing an interim sell-off sentiment near its 100-day SMA. 100 days – the purple wave on the chart above) at $2.72.
MINA price: key levels to watch
The 100-day SMA also coincided with the 0.236 Fibonacci line (near $2.79) of the Fibonacci retracement structure, drawn from a high of $6.71 to a low of $1.58, thus providing an additional layer of resistance against MINA’s bullish attempts.
As a result, A successful pullback, supported by an overbought signal from the RSI, could see MINA test its 20 and 50-day EMAs as interim downside targets, with a sell-off bringing focus back to $1.58.
Conversely, a decisive move above the $2.36-2.72 resistance range could push MINA price towards $3, a psychological bullish target, initially, followed by a prolonged rally to the 0.382 Fibonacci line above. $3.50.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should do your own research when making a decision.
Investments in crypto assets are not regulated. They may not be suitable for retail investors and the full amount invested may be lost. The services or products offered are not aimed at or accessible to investors in Spain.