Mina Token Price Liquidates Short Positions, but Open Interest Surges
Following a 110% surge, Mina token price caused $2.17 million in short positions to be liquidated, while only $791,000 in long positions were affected. However, there has been a significant increase in open interest for the altcoin, with open long and short positions reaching a total of $18.02 million, up almost 94% since October 19.
New Money Flowing into Mina’s Market
An increase in open interest suggests new money flowing into the asset’s market. This indicates the continuation of the primary trend, which is currently an uptrend. The surge in open interest followed an announcement by the Korean exchange Upbit that it was listing MINA. The integration of new digital assets has been done to comply with anti-money laundering regulations.
Mina Price Prediction
Despite the 110% surge, Mina’s price remains bullish. The Relative Strength Index (RSI) is at 94, indicating an ongoing uptrend. However, if the RSI breaks below the 70 level, it could confirm an overbought asset according to Welles Wilder’s interpretation. Mina’s price could continue to rise and break above the $0.8612 resistance level. In a highly bullish scenario, it could even surpass the early 2023 highs.
On the other hand, profit-taking could interrupt the rally and cause a drawdown in Mina’s price. This could potentially push MINA back into a supply zone below the $0.5000 psychological level or even down to $0.4000 or $0.3480.
Alternative to MINA: SPONGE
If you’re looking for an alternative to MINA, consider SPONGE. It is a presale token associated with the SpongeBob ecosystem and offers a fun-filled earning experience in the crypto market. SPONGE’s exciting airdrop competition, Season 1, is about to end, with 10% of the total token supply allocated to the airdrop. To participate, visit SPONGE’s official discord channel for instructions.
SPONGE Token Availability
The SPONGE token can be purchased on various exchanges, including Uniswap, LBANK, Bitget, and MEXC.
Hot Take: Don’t Miss Out on SPONGE Airdrop Season 1!
The SPONGE airdrop competition, Season 1, is coming to an end soon. Make sure you enter before October 30 for a chance to win. The winner will be selected on November 1. Learn how to enter by visiting this link: https://t.co/lzRhjW4oLL
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