LINA Technical Analysis
Key Insights
- LINA has seen impressive growth in market cap and trading volume in 2023, with a 540% price surge.
- After a 68% correction, LINA entered a consolidation phase with the increased trading volume compared to the previous accumulation phase.
- The analysis suggests further accumulation before targets are set at the price levels of $0.019940 and $0.035017.
As of writing, Lina holds the 267th position on the CoinMarketCap ranking, boasting a market cap of $79,730,678.
This coin has been turning heads with its impressive growth in market cap and daily trading volumes since the start of 2023.
The project's market cap has surged by $10 million, while the daily volumes have more than doubled, reaching a whopping $90 million.
In 2023, the asset experienced a remarkable price surge of over 540%, reaching a peak of $0.029407. However, it also underwent a significant correction, with a decline of over 68% from its highest value.
At present, the coin has completed a downward trend around the prominent volume level known as the Point of Control (POC), located at $0.011657.
It has now entered a consolidation phase, characterized by trading within a specific volume range. Notably, this consolidation phase is accompanied by increased trading volumes compared to the previous accumulation phase.
Examining the daily chart of LINA, one can observe an accumulation of horizontal volumes between the price levels of $0.019940 and $0.007335. During this period, substantial positions are being accumulated, occasionally accompanied by speculative false breakouts above the range.
The accumulation is taking place within a wide range, contributing to heightened volatility. Looking ahead, it is likely that we will witness the continuation of this accumulation trend, potentially featuring additional false breakouts to both the upside and downside.
These false breakouts could serve the purpose of triggering stop orders and utilizing the accumulated liquidity. Once the accumulation phase concludes, the initial target for growth will be the resistance level at $0.019940. If this price level is surpassed, the subsequent target will be set at $0.035017.
Users can get LINA for fiat or crypto on SimpleSwap.
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