As the Zero-Knowledge narrative continues to excite crypto markets. $MINA token’s impressive +125% rally seems set to carry on climbing.
MINA is in strong price recovery mode in the aftermath of a challenging crypto winter. Bolstered by a flurry in market interest around the adoption of ZK-Snarks by Binance, MINA has climbed to be the 55th ranked cryptocurrency.
The explosive price action seen by MINA this week started back in January. With huge +38% green candles smashing week-long resistance at $0.60 on January 25. Setting the stage for an incredible February rally.
After brief consolidation, price broke decisively last Friday – posting a 55% climb in just 48 hours. Critically, this broke through key psychological resistance at $1.00.
With buy pressure remaining strong. A well-defended consolidation pattern held across Monday and Tuesday, primed a sensational move Wednesday.
What happened to MINA yesterday?
Yesterday saw a +41% pump – swinging the price back above $1 to hit a top of $1.249. The massive move was only stopped by resistance from the upper trendline at $1.25 – a level not seen in 9 months since May 2022.
Now sat in a local retracement. MINA bulls have proven they can smash the $1 price level twice. Now the real test is demonstrating they can consolidate here and flip $1 to support over the next 48 hours.
If this is successful, then a retest of $1.25 is on the cards, which, if broken, would see a +25% rally to historical resistance levels at $1.35.
If consolidation at $1 fails. Then a breakdown would likely see a test of support from the lower trend line – which is set to converge with the 200 Day MA at $0.80. Price action hasn’t touched the lower support line in almost a week.
How high can MINA go?
The RSI 14 reaffirms positive sentiment around buy pressure. Reading a level 56 – the RSI has cooled down fast from yesterday’s push-up. With the RSI moving clearly from overbought to oversold territory, a picture emerges of a rally with room left to run.
The MACD also supports this bullish sentiment, reading at 0.005 suggests the rally still has momentum.
Open interest is also illuminating despite bullish chart structure, and bullish indicators. CoinGlass suggests open interest is majority short at 53.39%. This could reveal market sentiment.
Overall, with a topside target of $1.35 (+24.3%) and downside risk at $0.80 (-26.4%). Risk:Reward for MINA sits at 0.92.
This isn’t the strongest entry, and it may well be worth observing consolidation movements to seek a better entry. However, bullish structures and indicators should provide reassurance to open positions.
Other alternatives to MINA
Along with MINA, there are a number of other high-potential altcoins in the market right now. Accordingly, we’ve listed them in a rundown of the top 15 cryptocurrencies for 2023, as analyzed by the CryptoNews Industry Talk team.
The list is updated weekly with new altcoins and ICO projects, so be sure to check back for new entries.
Disclaimer: The Industry Talk section features insights by crypto industry players and is not a part of the editorial content of Cryptonews.com.
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