Mina (MINA) is moving in a positive price setup despite the recent signs of calmness in the crypto market. According to CoinMarketCap, the MINA price has surged by 2.28% over the last 24 hours and 6.26% over the last week.
At the time of writing, MINA is trading at $0.05973, with a trading volume of $17.03 million, which has surged significantly by 159.5% over the last 24 hours. However, its market capitalization stands at $76.63 million, which is also up by 2.46%.
Source: CoinMarketCap
Also Read: Mina Protocol (MINA) Struggles Amid Market Volatility but Eyes Potential Rebound
MINA Key Support Bounce Could Trigger Major Rally
Furthermore, the crypto analyst Jonathan Carter pointed out that MINA is currently showing early signs of stabilization as price action tests the lower boundary of a long-standing descending channel on the weekly chart.
This zone has historically acted as a demand area where selling pressure slows, and buyers begin to re-enter the market, suggesting potential for a technical reversal if support continues to hold.
Market structure indicates weakening bearish momentum, with price compression and repeated defenses of this critical support level.
These behaviors often signal accumulation phases, where stronger hands gradually absorb supply. Although confirmation is still required, early buyer activity hints that sentiment may be shifting after an extended downtrend within the channel.
Source: Jonathan Carter’s X Post
As long as the support holds strong and there is a reversal, there will be an expected move in phases for MINA towards major resistance barriers.
Possible levels of gains would be at $0.10, $0.15, $0.25, $0.35, $0.55, $1.00, $1.70, and $3.50. However, if the support breaks down, this positive outlook may get voided, and more bearish moves can be extended.
Technical Indicators Outline a Neutral to Bullish Setup
According to TradingView, MINA is now undergoing a phase of consolidation following a period of volatility in early April. Currently, it is hovering close to $0.05990, getting closer to the major EMAs and signaling caution in the short term.
But despite this, the overall trend remains bearish, as the asset is trading below the 200-period EMA at $0.06764.
Source: TradingView
The RSI is currently standing at 55.51, indicating a neutral trend with an uptrend bias, a fragile, tentative bounce in formation.
At present, it appears that the asset is in a period of accumulation, waiting for confirmation on which way to move. In order to make any progress upwards, buyers have to overcome the $0.06764 resistance barrier.
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
Also Read: MINA Eyes $0.55 Rally as Token Shows Stability Amid Market Volatility
