The Mina Protocol (MINA) price recently broke out of a prolonged downtrend, which signals a potential upward rally. MINA’s price has seen an 8.03% pump over the past day, while its trading volume saw a massive 688.97% increase. Per CoinMarketCap’s data, MINA is trading at $0.59. This digital asset known for its lightweight blockchain has shown bullish momentum that aligns with key technical patterns, suggesting double-digit gains in the future.
However, several analysts, including Crypto Shango and World of Charts, have shared their insights on the ongoing price movement of MINA.
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MINA Chart Analysis: Channel Breakout Signals Bullish Momentum
According to an analysis shared by World of Charts, Mina Protocol is currently running at a 49% profit as it moves towards a projected price target.The MINA chart reveals that it broke out of a descending channel pattern that previously restrained the coin’s growth. This breakout, often viewed as a positive reversal signal, suggests that the asset could continue its upward trajectory.
$Mina#Mina Moving Towards Targets As Expected Running In 49% Profit So Far https://t.co/UZ2ioB3OL7 pic.twitter.com/0wKkejbOmz
— World Of Charts (@WorldOfCharts1) September 29, 2024
With a projected price target near $1.11, the bullish momentum behind this breakout seems to be supported by increased trading volume. This shows growing interest among traders as MINA’s price moves towards its potential peak. Volume spikes often indicate confidence from buyers, and in this case, they are supporting the bullish scenario.
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Show more +Show less – Retracement Setup Offers a Buying Opportunity
On a shorter time frame, another analysis from Crypto Shango on X, formerly Twitter, highlights a retracement setup following a sharp rally.
After reaching a recent high, MINA has pulled back slightly into a support zone, a move often seen before a continued upward rally. This retracement offers traders a potential buying opportunity as the price tests key support levels.
Image Source: X/CryptoShango
Crypto Shango describes the setup as promising, indicating that if buyers step in at these levels, the coin could resume its bullish movement and test previous highs.
Read Also: Key Bittensor (TAO) Metric Suggests Major Move Has Just Begun: Analyst Points to Next Price Target
What’s Next for MINA?
As the Mina Protocol price continues its upward trend, investors are closely monitoring key technical levels. Should the price break above the highlighted resistance, the asset could see even more significant gains. However, market participants will also be monitoring for any signs of exhaustion or potential retracements that may arise.
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The post Why Is Mina Protocol (MINA) Price Breaking Out? Bullish Setup Points to Double-Digit Gains appeared first on CaptainAltcoin.
