Bottomed out? MINA rises 75% nine days after hitting its worst level to date

cointelegraph.com:

MINA, a utility token backed by a "lightweight" smart contracts platform of the same name, continued its upside move nine days after rebounding from $1.58, its lowest level to date.

The coin rallied by about 75% to reach $2.75 as of March 24 as traders weighed a high-profile funding rounds involving the sale of $92 million worth of MINA tokens to Three Arrows Capital, FTX Ventures, and other venture capitalists.

An overall recovery sentiment across the crypto market also assisted in pushing MINA's price higher, since altcoins typically move in tandem with Bitcoin (BTC).

Additionally, Coinbase's announcement on March 23 to add MINA support to its crypto exchange may have also boosted its upside prospects among traders and investors alike. 

"Trading will begin on or after 9AM PT on Thursday, March 24, if liquidity conditions are met," Coinbase clarified.

The latest buying spree in the MINA market came after a long period of brutal selloffs that saw its price per token falling from its record high of $6.71 on Nov. 11, 2021, to $1.58 on March 15, 2022 — a roughly 76.50% decline.

Nonetheless, MINA's ongoing upside retracement has been showing signs of bottoming out, i.e., the end of its November-March bearish cycle, based on three widely-tracked technical setups: rising volumes, key moving averages, and a price-momentum indicator.

In detail, MINA's rebound has had it break above its 20-day and 50-day exponential moving averages (the green and red waves in the chart above). Meanwhile, the move upside accompanied a rise in trading volumes, signifying traders and investors' conviction in the rally.

Additionally, MINA's Moving Average Convergence Divergence (MACD; the blue wave) moved above its zero line, a bullish indicator. 

Conversely