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The price of Altcoin Mina Protocol (MINA) has recently fallen below the December 28, 2023, low levels. However, MINA is showing early signs of a potential recovery. The next steps in price movement could establish a notable uptrend, offering investors opportunities for gains. So, what levels should we pay attention to?
Analysis of Altcoin MINA’s Recent Price Movements
Altcoin MINA’s price experienced a significant drop of about 40% between January 2-6, creating a trading range between the lower limit of $1.02 and the upper limit of $1.69. Notably, the movement that formed the lower range involved a quick sweep below the lowest level of December 28, followed by a rapid recovery.
The current situation is prompting investors to monitor two critical signals in the price movements of altcoin MINA to confirm a trend reversal. The first is MINA’s price indicating a higher low stage compared to before. On the other hand, the need to form a higher high level marks the second sign of a potential turnaround.
Specifically, if the higher low stage aligns with an hourly demand zone ranging between $1.10 and $1.07, it could present an opportunistic entry point for long positions. Subsequently, an increase in buying pressure is expected to drive the price of altcoin MINA upwards and confirm the start of an uptrend.
For investors anticipating a rise, the first target lies at the resistance barrier between $1.30 and $1.32. Overcoming this hurdle will pave the way for a retest of the range’s midpoint at $1.36, offering a promising gain of 23% from the upper limit of the demand zone at $1.10.
Warnings and Unexpected Situations for Investors
Although the outlined bullish scenario holds potential, it is very important to acknowledge the inherent uncertainties in the cryptocurrency markets. The success of the expected trend reversal depends on the altcoin MINA price forming higher lows and higher highs. Without these confirmations, early entries can expose investors to increased risks.
If MINA fails to form the expected lowest and highest levels and succumbs to persistent selling pressure, a potential trap could emerge. In such a scenario, a critical level to watch will be $1.02. If the Altcoin MINA price turns this level into a resistance and forms a lower bottom, this situation will invalidate the bullish thesis.
