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•MINA/USD is currently priced at $0.88 and has decreased by 11.26% over the past day
•The trading volumes have increased by 13.50% over the past day
•The technical indicators suggest a neutral outlook for the near term
Short Term View: Mina bulls need to be wary of prices tumbling further down
The Mina price today is $0.887497 USD with a 24-hour trading volume of $36,322,357 USD. Mina is down 11.26% in the last 24 hours. The trading volumes have decreased over the past day whereas the Volume to Market Cap Ratio stands at 0.07901 for the altcoin.
The technical indicators for Mina showed signs of bullish recovery in the past few days but the pressure is yet to translate into gains for the altcoin. However, prolonged buying pressure that is above $0.90 could result in an upward move towards the psychological threshold of $1. The crucial daily SMAs maintain a bearish trend, with the altcoin currently transacting below the 20,50 SMA on the four hour chart. If the downtrend continues, the altcoin could be left fending off the bears off of the support level placed at $0.80.
Long Term View for Mina Price
In the past few days, the bulls have tried to exert pressure as well which has been successfully overpowered by the bears. The RSI for Mina Coin is currently transacting at 31.93, at a stone’s throw away from the oversold levels. However, the surcharge in RSI values increases the chances of a bullish breakout. The histograms are green on the daily chart but Mina Coin is struggling to attract the requisite number of buyers to stage an upturn in fortunes. The MACD and signal lines are transacting in the negative zone which adds to the bearish pressure.
Conclusion
In short, the Mina Price technical analysis projects a much more likely scenario of a bullish breakout. A failure to halt the downtrend will keep the price below $0.80; it will fall to $0.70.
Support: $0.80-$0.80
Resistance: $0.92-$1
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 financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
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Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
