No relief for MINA yet as it risks sharp pullback after rising 100% in three weeks

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YEREVAN (CoinChapter.com) — MINA rallied by more than 20% in the last 24 hours to reach nearly $3.20 Tuesday. The upside move came as a part of a broader bullish retracement rally that doubled MINA’s price in just three weeks.

Nonetheless, the coin risked extreme pullback upon testing its 200-day exponential moving average (EMA-200) as resistance on Tuesday. Additional downside cues came from its inconsistent trading volumes.

Also read: MINA pumps over 6% in anticipation of Coinbase trading to start.

Bullish cues for MINA

Still, an ‘ascending triangle’ pattern forming on the MINA price charts suggested strong growth for the coin in the coming weeks.

In detail, the pattern consists of two trendlines that enclose the price action and prevent sharp breaks in either direction. The resistance trendline in an ascending triangle is flat, while the support features an upward sloping trendline.

Also read: MINA rallies 25% after raising $92M and scoring a Coinbase listing.

Ascending triangles usually resolve with a breakout to the upside. MINA has so far complied with the classic bullish continuation setup, painting a strong move upward after breaking out of the triangle. In doing so, it now eyes an uptrend towards the level at length equal to the uptrend preceding the Triangle’s formation.

That puts MINA’s price en route to $4. Meanwhile, the relative strength index (RSI; the purple graph on the chart above) suggests an interim correction after soaring above ’70’ — an ‘overbought’ signal that typically leads to profit-taking.

Golden cross

Additionally, the MINA price action scored a Golden Cross on the daily chart, between the EMA-20 and the EMA-50. The formation occurs when a short-term MA crosses above a long-term MA. It predicts a bullish phase for as long as the crossover persists.

While the Golden Cross results from the price action and is not the driving force behind it, the EMA-20 could further assist the token during possible corrections. Thus, should the coin break through the EMA-200 line in the upcoming sessions, it could retest the former as support.

Also read: Strong Bitcoin accumulation underway — BTC on-chain data shows.

As of Apr. 5, MINA’s technicals looked bullish overall. However, the crypto market’s dependency on Bitcoin and the global macroeconomic environment make solid predictions futile.

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