• Cryptocurrency markets were in the negative on Saturday, while Bitcoin attempted to regain and hold the $23,000 barrier.
• Mina Protocol (MINA) saw a pump of over 30%, leading traders to aim for a price level of $1.
• Altcoins have been rising alongside Bitcoin’s price increase as it continues to surge beyond $22,500.
Cryptocurrency Markets in the Negative
Saturday saw cryptocurrency markets across the board in negative territory, with Bitcoin fighting to remain and regain its $23,000 threshold.
Mina Protocol (MINA)
Despite market conditions, Mina Protocol (MINA) was able to achieve an impressive two-digit return within just one day of trading. With five straight green weekly candles, MINA has seen an increase of approximately 110 percent in the last five weeks alone. Its current trading value stands at around $0.821 after reaching a record high of almost $0.94 earlier today.
Rise of Altcoins
Altcoins have been following suit alongside Bitcoin’s surge past the $22,500 mark due to their favourable price correlation. Structurally speaking, MINA is emerging from a tilted double-bottom pattern – a bullish trend pattern that has performed as expected with further positive price continuation predicted by traders if support levels are not breached structurally.
FOMO Trading
In bear markets where resistances are typically technical objectives subject to heavy selling pressure, it is generally not advised for traders to pursue green candles (interactions of FOMO). Instead they focus on finding oversold situations on relative performance indices and exploiting extreme fear events for maximum gains in shorter timeframes when possible.
Conclusion
The cryptocurrency space has seen wild volatility over the past four weeks but bulls have made an impressive comeback in 2021’s first week with altcoins riding this wave higher with Bitcoin’s price increases. Mina Protocol (MINA) has been one such coin that made good gains despite bearish market conditions and could be one worth keeping an eye on as we move into February 2023 and beyond!
