MINA price now shows signs of bottoming out, technicals suggest, eyeing a further run-up to $3.50.
on March 23 to add MINA support to its crypto exchange may have also boosted its upside prospects among traders and investors alike.
"Trading will begin on or after 9AM PT on Thursday, March 24, if liquidity conditions are met," Coinbase clarified.that saw its price per token falling from its record high of $6.71 on Nov. 11, 2021, to $1.58 on March 15, 2022 — a roughly 76.50% decline. Nonetheless, MINA's ongoing upside retracement has been showing signs of bottoming out, i.e., the end of its November-March bearish cycle, based on three widely-tracked technical setups: rising volumes, key moving averages, and a price-momentum indicator.In detail, MINA's rebound has had it break above its 20-day and 50-day exponential moving averages . Meanwhile, the move upside accompanied a rise in trading volumes, signifying traders and investors' conviction in the rally.
Conversely, MINA risked a pullback move due to its relative strength index nearing the overbought benchmark level of 70 and the price facing interim selloff sentiment near its 100-day simple moving average at $2.72.The 100-day SMA also coincided with the 0.236 Fib line of the Fibonacci retracement structure — drawn from $6.71-swing high to $1.58-swing low, thus providing an additional layer of resistance against MINA's upside attempts.
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 conduct your own research when making a decision.
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