The V-shaped recovery in MINA price has obtained a 65% gain from the $1.6 bottom support. Today, the coin price contributed 25% to this gain, tagging the overhead ceiling of $2.6. A bullish breakout from this resistance could shoot the coin to the $3 mark, followed by $4.
Key Points:
- MINA buyers struggle to breach the $2.6 resistance
- The MANA buyers reclaimed 50-day SMA dynamic resistance
- The 24-hour trading volume in the Mina coin is $243 Million, indicating a 203% gain
Source-Tradingview
Over the past three months, the MINA price has gradually declined within the falling parallel channel pattern. The downtrend marked its recent lower low at the $1.6 mark on March 13th. However, with the increasing bullish momentum, the altcoin started to rise again and breached the pattern’s resistance trendline.
The shared resistance of $2.2 and 50-day SMA reverted the MINA price for a three-day retest phase. However, the post retest rally continued to rally higher, and today it is up by 20%, hitting the $2.6 resistance.
A bullish breakout from this resistance would surge the altcoin to a $3 physiological level.
However, the higher price rejection at this resistance undermined the buying pressure, threatening a possible correction. The minor pullback could retest the $2.25 and 50 DMA to check for sufficient demand.
Technical Indicator
Vortex Indicator: Following a bullish crossover, the widespread between the VI+ and VI- slopes shows the strong bullish momentum
The recovery rally surged the MANA price above the 50-day SMA dynamic resistance. However, the expected pullback could retest the 50 SMA at the $3.6 level before the bull takes in.
- Resistance levels– $3 and $4
- Support levels– $2.6 and $2.2
Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Source: https://coingape.com/markets/mina-price-analysis-channel-breakout-outburst-new-recovery-rally-in-mina/