Is It Too Late to Buy Mina Protocol? MINA Price Rockets Up with $1 Billion Volume as New Telegram Casino Surpasses $1.5 Million
As bullish movements sweep the market, Mina Protocol (MINA) has rocketed up to $1bn in volume, but with price entering retracement is it too late to buy Mina protocol?
The retracement appears to have been triggered by a recoil in trading volume following the $1bn mark, with 24-hour trading volume already slumping back to $702m following the dramatic uptick.
Amid the downside, eagle-eyed traders are now targeting lower support for a better MINA entry around $0.57.
The downside move has left Mina Protocol currently trading at a market price of $0.66 (representing a 24-hour change of -10.25%).
This comes following a sensational +109% gain yesterday, as MINA price shot up from bullish position atop the 20DMA to smash through the 200DMA for the first time since April.
Price action topped out at a local high of $0.97, before entering the retracement move which appears to have crumbled through lower support at $0.75 – instead catching momentary footing at $0.63.
However, with the RSI indicator remaining substantially overheated at 78.55, there is a strong indication that price action needs to push lower.
This sentiment is seen from the declining MACD, which while still showing bullish divergence at 0.035 – continues to fall
Overall, MINA looks strong here, while facing a retracement move, yesterday’s blast through the 200DMA suggests significant demand for MINA – ordaining the coin as one to watch for the next bull run.
To the upside, MINA has a short-time frame target at $1 – a break above the previous local high (a potential +47.62%).
While downside price action could see MINA retest 200DMA support at $0.50 (a possible -26.19%).
This leaves Mina Protocol with a risk: reward ratio of 1.82 – a potentially good entry, with strong upside
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