Mina Protocol (MINA) has recently experienced a price drop below its December 28, 2023, lows but is now showing early signs of a potential recovery. Investors are keen to identify levels to watch for a possible uptrend that could offer profitable opportunities.
Between January 2-6, MINA’s price plummeted by approximately 40%, establishing a trading range between $1.02 and $1.69. This movement swept past the December 28 low before quickly rebounding, hinting at a possible trend reversal.
Investors are now monitoring MINA for two critical signals to confirm a trend reversal: a higher low and a higher high in its price movement. A higher low aligned with an hourly demand zone ranging from $1.10 to $1.07 could present an opportunistic entry point for long positions.
Should buying pressure increase, it is anticipated that MINA’s price will rise, confirming the start of an uptrend. The first target for bullish investors lies at the $1.30 to $1.32 resistance barrier, potentially offering a 23% gain from the upper limit of the demand zone at $1.10.
Despite the outlined bullish scenario, the inherent uncertainties of the crypto markets must be acknowledged. The success of the expected trend reversal hinges on MINA forming higher lows and higher highs. Without these confirmations, premature entries could expose investors to increased risks. A failure to establish these levels and succumbing to selling pressure could signal a potential trap, with a critical level to watch at $1.02.