During the recent major bull run in the cryptocurrency markets, Mina Coin experienced a surge of over 100%. Investors saw massive gains, especially with the Upbit announcement. Now, this popular altcoin is aiming for new highs above $0.7. So, what does the current outlook suggest? How high will Mina Coin go?
Why is Mina Coin Rising?
At the time of writing, Mina Coin is among the top performing altcoins on the Binance exchange. Its price is at $0.74, with a 13% increase. The trading volume has surpassed $100 million cumulatively, which is quite impressive. The volume, which previously dropped to a few million dollars daily, is now over $100 million. The market value is $739 million, with a 165% increase in volume, reaching $174 million.
In the week of October 23, the spot price exceeded $0.94, a level that had not been seen in futures trading. This movement indicates that the gap will likely be filled. The ongoing increase began after the completion of each epoch. At the beginning of each epoch, investors send their Mina Coins to wallets for staking and withdraw them back to exchanges after 48 hours. This allows them to earn staking income and engage in trading. The increased price at the start of the epoch suggests that some stakers may be using their tokens for long positions in anticipation of a rise.
But is this just speculation? No, it is easily confirmed by checking Coinglass data, which shows a 52% increase in open positions in futures trading. As the price rises, open positions increase, indicating that the rally may continue.
Mina Coin Analysis
The spot volume is increasing, along with open interest and price. This indicates that Mina Coin has started a rally. If there are no major fluctuations in BTC price, the assumption is that the demand for futures will continue to rise in the coming hours, leading to new highs. Four-hour closures above $0.76 will be crucial for targets above $0.95.
If the bulls succeed, with the overwhelming demand from those looking to benefit from the rally, the price could reach $1.09 and $1.26 in a very short time (perhaps a few days). In a weaker bullish scenario, a retest of $0.96 can be expected within a few days.