2024-10-13 12:10 |
Top analyst CryptoBull revealed to his 26.5k followers on X that MINA’s price is preparing for a significant breakout.
The analyst presented a 3-day chart showing the possibility of a large rally should the asset break through a crucial resistance zone. With market conditions showing bullish sentiment, investors are watching MINA’s next move.
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MINA Key Support Levels and Resistance ZonesThe 3-day chart reveals a firm support level around $0.47, where the MINA price has consistently rebounded, indicating strong buying interest. This zone has been a reliable foundation, helping prevent further price declines during previous market corrections.
MINA’s price is going up and getting close to an important high point between $0.77 and $0.80. In the past, it’s been hard for the price to go above this point.
Also, each time MINA’s price drops, it doesn’t fall as low as before. This means the price is getting stronger as it tries to break through the high point. Traders are watching whether the bullish momentum will carry MINA’s price above this critical area.
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Show more +Show less – MINA Chart AnalysisThe chart shows that a bullish engulfing candle has been formed. This usually means that people are starting to feel more positive about buying. Before, they were feeling negative and selling, but now things might be changing. There’s a good chance the price could go up soon.
Image Source: X/CryptoBullAccording to CryptoBull, a rally into the $1.10–$1.20 area might be initiated by a strong candle closure above the resistance zone.
The analyst predicted that MINA’s price might grow by 50% to 60% if it manages to break above the resistance zone. A significant move may be on the horizon, according to the bullish setup and engulfing pattern.
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Could MINA’s Price See Potential Breakout or Pullback?Even though the chart presents a bullish image, a false breakthrough is still possible. For traders to confirm any breakout, volume will need to be actively monitored. Should MINA be unable to break above the resistance, the market may drop to the $0.47 support level. When organizing their plans, traders should take into account the frequent occurrence of a pullback from resistance.
A strong breakthrough, however, would force MINA into a price discovery stage and might result in quick profits. The path of the token will be decided in large part over the upcoming trading sessions.
MINA’s current chart setup presents both opportunities and risks. The strong support level at $0.47 and the approaching resistance zone offer a clear framework for traders looking to capitalize on a potential breakout. The bullish engulfing candle adds to the positive sentiment, but caution is advised as volume and momentum will be key factors in confirming the move.
CryptoBull’s analysis provides valuable insight for traders watching MINA. If the breakout occurs, the price could quickly rise toward the projected target, making MINA a cryptocurrency worth watching in the coming weeks.
Read Also: Elite Crypto Analyst Predicts Bitcoin Price Will Move ‘Significantly Up’ Next Week – Is an ATH Next?
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Follow us on X (Twitter), CoinMarketCap and Binance Square for more daily crypto updates.
Get all our future calls by joining our FREE Telegram group.
Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs.
Copy trading: allows users to copy the trades of leading traders, for free.
User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate.
The post Elite Analyst Says MINA Price Is Ready to Explode – Here’s the Outlook! appeared first on CaptainAltcoin.
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