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•MINA/USD is currently priced at $2.35 and has decreased by 6.15% over the past day
•The technical indicators suggest a bearish outlook for the near term
•The trading volumes have decreased by 22.59% over the past day
Short Term View: Bears oppose bullish growth as Mina price tumbles
The Mina price today is $2.35 USD with a 24-hour trading volume of $62,604,285 USD. Mina is down 6.15% in the last 24 hours. The trading volumes have decreased over the past day as a result of a lot of selling pressure accumulating in the intraday session. The Volume to Market Cap Ratio stands at 0.0567 for the altcoin.
Mina price has been trading in a long-term downtrend after testing the record highs of $9.91 on Jun 1,2021. Since then, the buyers have attempted to bounce back but face strong resistance around $2.64 which must be broken for Mina to get leeway for gains. On the other hand, if the downturn continues, the looming possibility of the breakdown of the altcoin to the support level placed at $2.08 will become a reality in the not so distant future. Mina is experiencing significant selling pressure at the current price levels as it trades below the 20,50 SMA on the four hour chart.
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Long Term View for Mina Price
The MACD indicator for Mina shows the MACD and signal line transacting in the negative zone on the daily chart. Thus, the bears are in control of the trend evident by the widening gap between the MACD and signal line. Moreover, the bearish histograms grow stronger. The RSI indicator trades higher into the neutral spectrum at 44.81 on the daily technical chart, thus indicating a solid underlying bearishness.
Conclusion
The Mina price analysis shows a boom in selling pressure as the downtrend continues below the $2.5 mark and approaches the immediate resistance. Hence the price are likely to fall for the altcoin.
Support: $2.08
Resistance: $2.64
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
