Mina Price Analysis: Channel Breakout May Boost Recovery Rally In MINA
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
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