MINA coin has been on a meteoric rise, topping today’s gainers on CoinMarketCap with a remarkable 24-hour surge of 86%.
From its bear market nadir of $0.36 on October 12 to today’s zenith of $0.86, the coin has skyrocketed by an impressive 140% in just 12 days. Such a rapid ascent in such a brief span is unprecedented in MINA’s price trajectory, particularly given that the bulk of this surge transpired in a mere 2 days.
Previously, MINA witnessed a 195% uptick from January 1 to February 16, albeit in a more gradual fashion, punctuated by intermittent 40% gains, culminating at $1.25. As it now hovers near the $1 mark, a mere 20% shy, the question arises: does MINA have the momentum to scale even higher?
From its all-time high of $18 upon market release on June 2, 2021, the price of MINA has been experiencing a rocky road. It immediately made a decrease to just below $1 on July 22. It proceeded to its first major uptrend and made it back to $6.5 in September and November of the same year.
The price embarked on a pronounced downtrend after June 18, persistently driving the value to a nadir of $0.41 by December 21, 2022.
The dawn of the new year ushered in a significant recovery, with the price surging by an impressive 195%. However, this uptrend was short-lived, culminating in a fresh all-time low of $0.36 on October 12.
This price trajectory sculpted a broader descending triangle, within which a quintuple-wave WXYXZ correction appears to have unfolded. The recent bullish surge not only breached this structure but did so with pronounced vigor, hinting at the potential onset of a new bullish phase.
However, the RSI, currently at 95%, signals extreme overbought conditions, warranting caution. This is the apex the RSI has reached, and its previous foray into the overbought territory presaged a local peak.
Zooming into the 4-hour chart, we can see that the price continues to push higher and is currently being traded at around $0.90.
The price trajectory shows no signs of faltering as it confidently moves upward, with its sights set on its prior peak. This level likely serves as the immediate target for its current trajectory, but it may not mark the end of its ascent.
Given the developments since October 12, if we’re witnessing the onset of a five-wave impulse, the present surge could be identified as wave 3. It’s plausible that the price might encounter resistance near its previous high, leading to a consolidation phase characteristic of wave 4, before embarking on another upward thrust.
Given the pronounced extension of wave 3, wave 5 might be more subdued in its climb. However, it’s still anticipated to breach the $1.25 mark, potentially reaching an optimal peak of $1.60.
To sum up, the $1 price threshold is tantalizingly close. With the momentum showing no signs of abating, it seems imminent that this benchmark will be achieved shortly. Even if the current surge doesn’t reach this level, a subsequent
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