{"id":420833,"date":"2022-03-24T14:20:41","date_gmt":"2022-03-24T11:20:41","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/bottomed-out-mina-rises-75-nine-days-after-hitting-its-worst-level-to-date\/"},"modified":"2022-03-24T14:20:41","modified_gmt":"2022-03-24T11:20:41","slug":"bottomed-out-mina-rises-75-nine-days-after-hitting-its-worst-level-to-date","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/bottomed-out-mina-rises-75-nine-days-after-hitting-its-worst-level-to-date\/","title":{"rendered":"# Bottomed out? MINA rises 75% nine days after hitting its worst level to date"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a3dcd1c08b24\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a3dcd1c08b24\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/bottomed-out-mina-rises-75-nine-days-after-hitting-its-worst-level-to-date\/#%E2%80%9D_Bottomed_out_MINA_rises_75_nine_days_after_hitting_its_worst_level_to_date_%E2%80%9C\" >&#8221; Bottomed out? MINA rises 75% nine days after hitting its worst level to date &#8220;<\/a><ul class='ez-toc-list-level-2' ><li class='ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/bottomed-out-mina-rises-75-nine-days-after-hitting-its-worst-level-to-date\/#MINA_bottoming_out\" >MINA bottoming out?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/buradabiliyorum.com\/en\/bottomed-out-mina-rises-75-nine-days-after-hitting-its-worst-level-to-date\/#MINA_price_key_levels_to_watch\" >MINA price: key levels to watch<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Bottomed_out_MINA_rises_75_nine_days_after_hitting_its_worst_level_to_date_%E2%80%9C\"><\/span>&#8221; Bottomed out? MINA rises 75% nine days after hitting its worst level to date &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<div class=\"post-content\" data-v-2a0745c6>MINA, a utility token backed by a &#8220;lightweight&#8221; smart contracts platform of the same name, continued its upside move nine days after rebounding from $1.58,\u00a0its lowest level to date.<\/p>\n<p>The coin rallied by about 75% to reach $2.75 as of March 24 as traders weighed a high-profile funding rounds involving the sale of $92 million worth of MINA tokens to\u00a0Three Arrows Capital, FTX Ventures, and other venture capitalists.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-03\/71ad97b1-33fe-48f5-9af9-c5ecd752b0e4.png\"><figcaption style=\"text-align: center;\"><em>MINA\/USD daily price chart featuring its correlation with Bitcoin. Source: TradingView<\/em><\/figcaption><\/figure>\n<p>An overall recovery sentiment across the crypto market also assisted in pushing MINA&#8217;s price higher, since altcoins typically move in tandem with Bitcoin (BTC). <\/p>\n<p>Additionally, Coinbase&#8217;s <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/CoinbaseAssets\/status\/1506717122499596297\">announcement<\/a> on March 23 to add MINA support to its crypto exchange may have also boosted its upside prospects among traders and investors alike.\u00a0<\/p>\n<p>&#8220;Trading will begin on or after 9AM PT on Thursday, March 24, if liquidity conditions are met,&#8221; Coinbase clarified.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"MINA_bottoming_out\"><\/span>MINA bottoming out?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The latest buying spree in the MINA market came after a long period of brutal selloffs that saw its price per token falling from its record high of $6.71 on Nov. 11, 2021, to $1.58 on March 15, 2022 \u2014 a roughly 76.50% decline.<\/p>\n<p>Nonetheless, MINA&#8217;s ongoing upside retracement has been showing signs of bottoming out, i.e., the end of its November-March bearish cycle, based on three widely-tracked technical setups: rising volumes, key moving averages, and a price-momentum indicator.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-03\/67538979-a637-4920-90e7-cee7981f269d.png\"><figcaption style=\"text-align: center;\"><em>MINA\/USD daily price chart. Source: TradingView<\/em><\/figcaption><\/figure>\n<p>In detail, MINA&#8217;s rebound has had it break above its 20-day and 50-day exponential moving averages (the green and red waves in the chart above). Meanwhile, the move upside accompanied a rise in trading volumes, signifying traders and investors&#8217; conviction in the rally.<\/p>\n<p>Additionally, MINA&#8217;s Moving Average Convergence Divergence (MACD; the blue wave) moved above its zero line, a bullish indicator.\u00a0<\/p>\n<p>Conversely, MINA risked a pullback move due to its relative strength index (RSI) nearing the overbought benchmark level of 70 and the price facing interim selloff sentiment near its 100-day simple moving average (100-day SMA; the purple wave in the chart above) at $2.72.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"MINA_price_key_levels_to_watch\"><\/span>MINA price: key levels to watch<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The 100-day SMA also coincided with the 0.236 Fib line (near $2.79) of the Fibonacci retracement structure \u2014 drawn from $6.71-swing high to $1.58-swing low, thus providing an additional layer of resistance against MINA&#8217;s upside attempts.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-03\/6c8c4d1c-1b88-4e00-afdf-40cb5c6493cf.png\"><figcaption style=\"text-align: center;\">MINA\/USD daily price chart. Source: TradingView<\/figcaption><\/figure>\n<p>As a result, a successful pullback move, backed by an overbought RSI signal, could have MINA test its 20-day and 50-day EMAs as interim downside targets, with an extended selloff bringing back $1.58 in focus.<\/p>\n<p><strong><em>Related:\u00a0BTC price almost clears $43.5K with Terra $125M Bitcoin buy-ins gathering pace<\/em><\/strong><\/p>\n<p>Conversely, a decisive move above the $2.36-2.72 resistance range could push MINA&#8217;s price toward $3 \u2014\u00a0 a psychological upside target \u2014 initially, followed by an extended run-up to the 0.382 Fib line above $3.50.<\/p>\n<p class=\"post-content__disclaimer\">The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. 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MINA rises 75% nine days after hitting its worst level to date &#8220; MINA, a utility token backed by a &#8220;lightweight&#8221; smart contracts platform of the same name, continued its upside move nine days after rebounding from $1.58,\u00a0its lowest level to date. The coin rallied by about 75% to reach $2.75 as&#8230;<\/p>\n","protected":false},"author":1,"featured_media":420834,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDMvNGM0NDNhNDktMTM2MS00ZTdlLTliNzYtOWM2MTIzZTY3MGFmLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74867,88119,75719,74939,127123,75434,78261,73785,71745],"class_list":["post-420833","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-altcoin","tag-altcoin-watch","tag-funding","tag-market-analysis","tag-minacoin","tag-smart-contracts","tag-tech-analysis","tag-markets","tag-venture-capital"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/420833","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=420833"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/420833\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/420834"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=420833"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=420833"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=420833"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}