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MINA produced a 10% rebound off the $1.29 support level to sustain its upward price trajectory. Earlier, the altcoin had suffered a dip after hitting the $1.5 price level. However, buyers rallied significantly to reverse the price dip and extend the bullish momentum.
Buyers can look to re-enact previous profit targets from key support level
Analyzing MINA’s price movement on the four-hour timeframe showed an interesting price pattern which could be beneficial to short-term traders.
The areas marked by the blue rectangle on the price chart showed that price tends to retest the new support level after a breakout before continuing the upward movement.
This typically produces a 15-20% profit margin in the short term. With MINA successfully re-testing the new support level in the past 12 hours, buyers can ride the bullish wave from the current market price ($1.39) to $1.8 for a 15-20% profit target.
The Relative Strength Index (RSI) echoed the bullish sentiment, as it hovered just below the overbought zone. Likewise the Moving Average Convergence Divergence (MACD) indicator posted a bullish crossover along with green histogram bars over the past day. This was a confirmation of a continuation of the bullish trend after the price dip.
Meanwhile, Mina Protocol developers teased a new update that would make Mina Protocol compatible with Ethereum. This could potentially increase the adoption of Mina Protocol as a layer-two solution for Ethereum and boost the price of MINA in the long term.
Disclaimer: This article does not constitute trading, investment, financial, or other types of advice. It is solely the writer’s opinion. Please conduct your due diligence before making any trading or investment decisions.