What to know:
- MINA defends key support within its descending channel, boosting bullish sentiment as traders eye a potential breakout.
- Technical indicators like MACD and Bollinger Bands show weakening selling pressure and recovery momentum near $0.058.
- Analysts suggest a bounce could drive MINA toward $0.10, $0.25, $1.00, and possibly $3.50.
MINA is holding strong support within its descending channel, boosting bullish sentiment among traders. Technical indicators suggest weakening selling pressure and possible recovery momentum for the MINA price, while rising trading volume and open interest reflect growing investor confidence and expectations of continued market activity.
At the time of writing, MINA is trading at $0.05792 with a 24-hour trading volume of $5.06 million and a market capitalization of $74.55 million. Following the gain of 1.83% over the last 24 hours, now the question is whether MINA maintains its key support to keep the bullish trend intact.
Source: CoinMarketCap
MINA Price Holds Key Support as Bulls Target $3.50
Furthermore, the crypto analyst Jonathan Carter highlighted that the MINA price continues holding strong above the lower boundary of its descending channel on the weekly chart, signaling growing bullish confidence among traders.
The support zone remains firmly defended, while the broader channel structure stays intact. Analysts believe this setup could become the foundation for a significant recovery if buyers maintain current momentum levels.
Source: Jonathan Carter’s X Post
A definitive bounce would take the MINA price higher to a number of resistance zones. The first resistance zone would be at $0.10 and then another one at $0.15 and finally $0.25.
Above this, there are more significant macro resistance zones at $0.35, $0.55, and $1.00. In case this bullish trend continues, long-term predictions for the MINA price rallies to $1.70 and finally even $3.50.
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Technical Indicators Point to Improving Momentum
According to TradingView, the MINA price was riding an impressive upward trend until it reversed dramatically after reaching just a peak of $0.0760.
In fact, the MINA price dropped below the 20-period moving average to reach nearly $0.0560. Currently, the Bollinger Bands are narrowing, meaning that the volatility level is low and MINA is trading within a consolidation pattern around $0.0580.
Source: TradingView
The MACD oscillators show the direction in which the momentum is moving. It can be observed that the initial spike gave rise to the formation of positive and green histogram bars.
However, the bearish crossover drove it into the negatives on account of the MINA price decline. However, there is a little bullish crossover, with green bars coming into existence.
MINA Derivative Data Reveals a Bullish Outlook
However, MINA’s open interest slightly increased by 1.48%, rising to $9.64 million. The positive change indicates an increasing number of derivatives held by traders in the market, and this can be attributed to growing optimism among traders about more volatile periods ahead.
Source: Coinglass
Trading volumes increased by 7.04% to $17.49 million, indicating an increasingly active market. This increase suggests that more participants are entering the fray, with improved liquidity and greater attentiveness on the part of traders to short-term price movements and general market sentiment.
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
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