When we thoroughly examine the Mina chart, we observe that it has formed a bottom trend since July 20, 2021. Also, we notice that there is a trend line forming peaks starting from November 11, 2021. When we combine these two trend lines, we create a descending wedge formation. Since this descending wedge formation has been a formation lasting for approximately 825 days, it’s challenging to break. But, once it breaks, it could be considered a factor that increases the likelihood of experiencing sharp rises.

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Now let’s come to the events of yesterday and the reason for the sharp rise in Mina. After the news that the UPBIT exchange will list Mina in the early hours of yesterday, it caught a sharp rise and broke the descending wedge formation. After this break, both investors following the fundamental analysis and investors following the technical analysis evaluated this event as an opportunity and created buying pressure that complies with the analysis. Investors who observed a specific market value for Mina (MINA) coin and recognized the project’s positive evaluation didn’t hesitate to purchase it during these transactions.

In conclusion, the trigger of a sharp rise was the formation break in Mina’s technical analysis and the gathering of positive fundamental news. These situations triggered great interest among investors in the cryptocurrency market and accelerated price movements.

Mina Coin Price Analysis

When we inspect Mina‘s Protocol on the chart, we observe that it gained an upward trend after forming a bottom around $0.3561. Alongside the news of being listed on the UPBIT exchange, it broke the descending wedge formation at a level of $0.4043. In a short time, it moved upwards, exceeding the levels of $0.4960 and $0.6910. However, due to later incoming seller pressure, it retreated and approached the support levels.

If Mina loses $0.6910 support, it could look for a new support level around approximately $0.4910. If this support level doesn’t break, it can move horizontally for a short time and then continue to rise again towards $0.9180 resistance.

Looking further, it can continue its rise up to the target level of the descending wedge formation, which is $2.8645. However, in any cryptocurrency, one needs to carefully monitor factors that affect prices.

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The post What is the Reason for the Big Rise in Mina (MINA) Coin? appeared first on Coin Engineer.