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This Altcoin Is up 100% in 24 Hours – Here’s Why 

2 mins
Updated by Ryan Boltman
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In Brief

  • The MINA price has surged by 100% in 24 hours, reaching a new yearly high of $0.87, breaking both long and short-term resistance lines.
  • The weekly and daily Relative Strength Index (RSI) both give a bullish reading. This is aided by the positive price action in both timeframes.
  • Despite this bullish MINA price prediction, failure to reclaim the $1 horizontal resistance area can put the entire upward movement at risk.
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The MINA price has increased by 100% over the past 24 hours, culminating with a new yearly high of $0.86.  

The altcoin broke out from a long- and short-term descending resistance trendline during the increase.

MINA Doubles in 24 Hours

The MINA price has increased rapidly since the beginning of October. On October 22, it broke out from a descending resistance trendline that had been in place for 168 days.

Today, MINA reached a new yearly high of $0.87, an increase of more than 100% in 24 hours.

During the upward movement, MINA showed considerable strength by moving above the $0.50 and $0.70 horizontal resistance levels without experiencing any retracement at all. 

It is possible that the increase was aided by Korean Exchange Upbit announcing that it will list MINA’s Korean currency fiat trading pair.

MINA Price Increase
MINA/USDT Daily Chart. Source: TradingView

The daily Relative Strength Index (RSI) supports the continuing of the increase.

When evaluating market conditions, traders use the RSI as a momentum indicator to determine whether a market is overbought or oversold and whether to accumulate or sell an asset.

If the RSI reading is above 50 and the trend is upward, bulls still have an advantage, but if the reading is below 50, the opposite is true. The indicator is above 50 and moving upwards, both signs of a bullish trend.

However, it is worth mentioning that the RSI is at an all-time high of 95, showing extremely overbought conditions.

MINA Price Prediction: Will Price Breakout Above $1?

The weekly timeframe shows an interesting development since the price has broken out from a very long-term descending resistance trendline, which has been in place since the all-time high of $9.90.

While MINA has not reached a weekly close above the trendline, it is considerably above it since the latter is at $0.43.

Similarly to the daily timeframe, the RSI is increasing, supporting the continuing increase.

The main resistance area is at $1. If MINA breaks out above it, it can increase to the next resistance at $3.20, 300% above the current price. This would then be the final resistance before the all-time high.

MINA Price Prediction
MINA/USDT Weekly Chart. Source: TradingView

Despite this bullish MINA price prediction, failure to reclaim the $1 area can lead to a 50% drop to the descending resistance trendline at $0.41.

For BeInCryptos latest crypto market analysis, click here.

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Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.

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Valdrin Tahiri
Valdrin discovered cryptocurrencies while he was getting his MSc in Financial Markets from the Barcelona School of Economics. Shortly after graduating, he began writing for several different cryptocurrency related websites as a freelancer before eventually taking on the role of BeInCrypto's Senior Analyst. (I do not have a discord and will not contact you first there. Beware of scammers)
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