Chart Request - $MINA
The $MINA chart presents a complex yet promising scenario. Despite its intricacies, the prevailing expectation leans towards an upward trajectory. Currently, $MINA is trading within the confines of a horizontal resistance zone. Notably, an ascending channel has formed within this horizontal channel, introducing several potential scenarios:
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1) Breakout of Horizontal Resistance and Ascending Trendline Resistance: This scenario would require a substantial increase in trading volume to confirm the bullish breakout.
2) Mina Continues Trading Inside Ascending Channel, Breaking Horizontal Channel: In this case, the price is expected to ascend gradually while respecting the ascending trendline resistance.
3) Breakout of Horizontal Support with Subsequent Rejection of Ascending Trendline Resistance: Here, the price may consolidate briefly before eventually breaking out above the ascending trendline resistance.
For traders, considering long positions on a retest or retracement is a viable strategy. However, it's essential to closely monitor the evolving price action and volume dynamics to confirm the validity of the chosen scenario.
Always exercise caution, conduct thorough research, and implement effective risk management strategies in your trading decisions.
