MINA is up by more than 5% today, outperforming the broader crypto market.
MINA is targeting the $0.60 resistance level.
Bitcoin and Ether are also trading in the green zone for the second-consecutive day this week.
MINA adds more than 5% to its value today
MINA, the native coin of the Mina Protocol, is up by more than 5% in the last 24 hours, outperforming the broader cryptocurrency market in the process.
There is no catalyst behind this latest move. However, at press time, the price of MINA stands at $0.497 and could rally toward the $0.60 resistance level soon.
The broader cryptocurrency market has also been performing positively today, with the total crypto market cap now at $810 billion.
Bitcoin, the world’s leading cryptocurrency by market cap, is also up by less than 1% today. At press time, the price of Bitcoin stands at $16,826. Ether is outperforming Bitcoin now, having added 2% to its value, and is now trading above $120 per coin.
Key levels to watch
The MINA/USD 4-hour chart is bearish despite MINA performing well over the last 24 hours. The technical indicators show that MINA’s sentiments have been improving, and the coin could rally higher soon.
The MACD line is deep within the negative trend, a sign that the bears are yet to relinquish control of the MINA market. However, the line could enter the positive zone if the rally is sustained.
The 14-day RSI of 49 shows that MINA is no longer in the oversold region. If the rally continues, MINA could surge past the first major resistance level at $0.60 before the end of the day.
However, MINA would need the support of the broader before it can breach the $0.710 resistance level in the near term.
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