During the recent bullish run in the cryptocurrency markets, Mina Coin experienced an increase of over 100%, providing investors with significant profits. Particularly after the Upbit announcement, this popular altcoin aims to reach new highs above $0.7. So, what does the current situation indicate? How high will Mina Coin rise?
At the time of writing, Mina Coin is among the top-performing altcoins on the Binance exchange. Its price has increased by 13% to $0.74. The trading volume has surpassed $100 million, reaching an impressive level. The volume, which previously dropped to a few million dollars per day, now exceeds $100 million. With a market value of $739 million, the volume has increased by 165% to $174 million.
On October 23rd, it surpassed the $0.94 level, which was not seen in spot prices. This movement indicates that the gap will be filled. The ongoing increase started after the completion of each epoch. At the beginning of the 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 price increase at the beginning of the epoch indicates that some stakers may be using their tokens for long positions in anticipation of an expected rise.
Is this just speculation? No, when looking at Coinglass data, a 52% increase in open positions in futures can easily be confirmed. As the price rises, open positions increase, indicating that the rally may continue.
Spot volume is increasing along with open interest and price. This indicates that Mina Coin has initiated a rally. If there are no major fluctuations in BTC price, it is assumed that demand for futures will continue to increase in the coming hours, and new highs are expected. If the four-hour closings are above $0.76, it will be critical for targets above $0.95.
If the bulls succeed and there is a high demand from those who want to benefit from the rally, the price could reach $1.09 and $1.26 in a very short time (maybe a few days). In a weaker bull scenario, a retest of $0.96 is expected within a few days.