- Mina Protocol (MINA) is trading at $0.744365, down 3.42% in the last 24 hours, with a market cap of $826.99 million.
- The technical chart shows signs of a bullish reversal, with price targets of $1.00, $1.70, and a potential $3.50.
- MINA could see a huge increase if it breaks resistance, especially with Bitcoin’s recovery boosting market sentiment.
Mina Protocol (MINA), once on a steady rise, has recently faced turbulence, resulting in a sharp price decline. The cryptocurrency hit a recent high of $1.04 but struggled to maintain momentum as a broader market downturn, triggered by Bitcoin’s crash, affected its price. As Bitcoin shows signs of stabilization and a rebound, MINA appears to be gearing up for a potential price surge, with analysts eyeing higher targets in the near term.
At the time of writing, the token is trading at $0.744365. It has experienced a 3.42% decrease in the last 24 hours, with a 24-hour trading volume of $132.64 million. Its market capitalization stands at $826.99 million, and its market dominance is at a modest 0.02%. Despite recent declines, MINA is still within the top 100 cryptocurrencies by market cap and remains an asset to watch as market conditions shift.
MINA Aiming for the $3.50 Mark
Looking at the token’s technical chart, there are signs that the token could be forming an inverse head and shoulders pattern within a descending channel on the weekly timeframe. This pattern is often a bullish reversal signal, suggesting that if the token breaks through the descending resistance level, it could start a new uptrend.
If the resistance is breached, the immediate price targets for the token are around $1.00, $1.70, and a more ambitious $3.50. The $3.50 target represents a potential increase of over 370% from its current price, which would mark a significant rebound and a notable shift in the market’s sentiment towards the token.
As the overall cryptocurrency market stabilizes, particularly with Bitcoin’s recent recovery, investors are keeping a close eye on the token’s performance. If the token can break the resistance and maintain its upward trajectory, the road to $3.50 could be in sight.
While the token faces a challenging market environment, its technical outlook presents a glimmer of hope for a potential price surge, making it one to watch closely in the coming weeks.
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