A closely followed crypto strategist says he’s gobbling up seven altcoins as he believes the markets are about to enter a bull market cycle similar to the parabolic rally witnessed in mid-2020. Pseudonymous analyst The Flow Horse tells his 200,900 followers on the social media platform X that the crypto markets are about to head […]
The post Top Trader Abruptly Accumulates Seven Crypto Assets, Says ‘Craziness Period’ Similar to 2020 Bull Cycle Ahead appeared first on The Daily Hodl.
A closely followed crypto trader says that one layer-2 scaling solution still has more upside potential after a big rally. Pseudonymous trader The Flow Horse tells his 194,500 followers on the social media platform X that Polygon (MATIC) competitor Optimism (OP) is likely heading higher after a retest at the $3.45 level. “Another one that […]
The post Top Analyst Says Polygon Rival ‘Likely Going Much Higher,’ Updates Outlook on Bitcoin and Mina Protocol appeared first on The Daily Hodl.
A popular analyst says he has his radar locked on a number of altcoins that are high on his list for accumulation including Ethereum (ETH) and Polkadot (DOT). Crypto strategist Michaël van de Poppe tells his 624,700 Twitter followers that he believes the crypto markets are giving long-term bulls the opportunity to accumulate digital assets […]
The post Analyst Says Ethereum, Polkadot and Four Additional Crypto Assets Are Top Altcoin Picks for Accumulation appeared first on The Daily Hodl.
Leading US-based crypto exchange platform Coinbase is listing “the world’s lightest blockchain” after a two-week delay. News of the listing sent Mina Protocol (MINA), a privacy-focused payments protocol clocking in at a size of just 22 kilobytes, surging from its 24-hour low of $3.04 to $3.48, a 14.5% increase. According to the crypto project’s website, […]
The post Coinbase Triggers Altcoin Rally As ‘World’s Lightest Blockchain’ Hits Top Crypto Exchange appeared first on The Daily Hodl.
A ‘lightweight’ blockchain focusing on privacy and connectivity is rallying after a surprise listing from Coinbase. In a new tweet, the US-based cryptocurrency exchange says that Mina Protocol (MINA) will start trading on Coinbase Pro paired with Tether (USDT) once appropriate liquidity conditions are met. New Asset: Coinbase will add support for Mina (MINA). Inbound […]
The post Coinbase Sparks Crypto Rallies After Listing New Altcoin Project, Adding Staking Support for Ethereum Challenger appeared first on The Daily Hodl.
A $92 million token sale round, Coinbase listing, and an overall crypto market rebound boosted MINA's massive upside move.
MINA, a utility token backed by a "lightweight" smart contracts platform of the same name, continued its upside move nine days after rebounding from $1.58, its lowest level to date.
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 Three Arrows Capital, FTX Ventures, and other venture capitalists.
An overall recovery sentiment across the crypto market also assisted in pushing MINA's price higher, since altcoins typically move in tandem with Bitcoin (BTC).
Additionally, Coinbase's announcement on March 23 to add MINA support to its crypto exchange may have also boosted its upside prospects among traders and investors alike.
"Trading will begin on or after 9AM PT on Thursday, March 24, if liquidity conditions are met," Coinbase clarified.
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 — a roughly 76.50% decline.
Nonetheless, MINA'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.
In detail, MINA'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' conviction in the rally.
Additionally, MINA's Moving Average Convergence Divergence (MACD; the blue wave) moved above its zero line, a bullish indicator.
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.
The 100-day SMA also coincided with the 0.236 Fib line (near $2.79) of the Fibonacci retracement structure — drawn from $6.71-swing high to $1.58-swing low, thus providing an additional layer of resistance against MINA's upside attempts.
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.
Related: BTC price almost clears $43.5K with Terra $125M Bitcoin buy-ins gathering pace
Conversely, a decisive move above the $2.36-2.72 resistance range could push MINA's price toward $3 — a psychological upside target — initially, followed by an extended run-up to the 0.382 Fib line above $3.50.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
In what has been a volatile day of trading, MINA is one of the biggest gainers in crypto to start the week. In addition to this, crypto.com coin (CRO) was in the red, despite pulling out all the stops in a Super Bowl ad that featured LeBron James. Biggest gainers A week to the day, […]
