MINA has been a difficult beast to tame on the charts in recent weeks. The price movements have been somewhat erratic and perplexing at times. However, in recent days the picture for MINA has become clearer.
BTC knows what it wants to do.
We start off by looking at the current BTC chart. At time of writing, BTC is making a short term corrective move, currently within a corrective parallel channel. This was expected and has occurred numerous times over the past 12 months. The expected price movements can be seen with the red line.
As you can see, BTC is expected to break above the current parallel channel. In the medium term, we expect MINA to retest ATHs. The corrective move witnessed over the past days was expected to drag MINA down towards the $3.5 USD level. However, during the second stage of the corrective move MINA had an unexpected surge.
MINA / BTC
The unexpected MINA surge saw the cryptocurrency break the MINA / BTC downside trend. On the MINA / BTC chart, MINA is now looking bullish, targeting the blue zone (+25%). With BTC looking medium term bullish as well, this spells good news for the MINA / USDT chart…
Now that we have a clearer picture of BTC / USDT and MINA / BTC, the MINA / USDT chart subsequently becomes clearer. MINA broke above the $5 USD resistance level, invalidating the previous chart. This is really great news for MINA bulls. Furthermore, MINA has proceeded to find support at the 0.5 line of the sideways movement zone. In terms of indicators, MINA appears to have turned a page.
From all angles, it seems that the recent downside / sideways run is now over. MINA has its sights set on retesting previous upside levels. Our first target is the $5.45 USD level (+14%), then $6 USD (+23%). We believe that these should be achieved with relative ease (MINA has already gained 7% while this has been written).
We hope that you enjoyed this article. MINA is looking less gloomy than a few weeks ago, more green than red candles expected! – https://pageanalysis.xyz
We are not qualified brokers/dealers, or investment advisors. This website and its associated content is not a service for the giving or receiving of financial or investment advice. None of the content constitutes – or should be understood as constituting – a recommendation to enter in any securities, cryptocurrency, or cryptoasset transactions or to engage in any of the investment strategies presented in my discussions or content provided. We do not provide personalised recommendations or views as to whether a stock, cryptocurrency, cryptoasset or investment approach is suited to the financial needs of a specific individual.
Page Analysis is a small group of cryptocurrency traders based in the United Kingdom. We aim to educate users across the industry on price movements of various cryptocurrencies in a non-biased manner. Unlike most technical analysis groups, we are transparent, with no ulterior motives when providing our technical analysis.