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MINA Price Analysis: Return of Bearish Dominance, Bothering Investors

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Mina Price Analysis
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  • Over the daily price chart, the MINA price is continuously surfing sideways trend waves.
  • The technical indicators are in favor of the bears and the coin needs to call its bulls before its too late.
  • The MINA/BTC pair is at 0.00003376 BTC which is at loss of 0.95%.

Mina Protocol is a minimal “succinct blockchain” built to curtail computational requirements in order to run DApps more efficiently. Mina has been described as the world’s lightest blockchain since its size is designed to remain constant despite growth in usage.

The MINA price is continuously surfing over the waves of sideways trend over the daily price chart. This signifies that the bhot bulls and bears are having tough fights to get over the market dominance. Now following the BTCs’ uptrend movement the MINA price is also trying to climb. The coin needs its bulls now to make the recovery process successful. The price recovered approximately 30% in 6 days amid the bullish influence.

The current price for one MINA coin is trading at $0.80 which is at a loss of 3.66% in its market capitalization in the 24 hrs. The coin has a trading volume of 28 million which is at a mere gain of 2.18% in the 24 hrs trading session and has a market cap of 491 million which is at a loss of 3.41%. The volume market cap ratio is 0.05964.

Short term Analysis

We can observe a comeback of bears over this short term (4 hrs) price chart, it is time for the bulls to rescue the coin and continue the recovery.

The MACD indicator shows that the buyers line is above and the sellers signal line is about to make a cross over the buyers line from below indicating the dominance of the sellers. Soon a negative cross can be observed over the hourly chart. The relative strength index is diving amid the selling pressure over the coin and supports the above statement. The RSI value is below 60.

Conclusion

The MINA price is continuously surfing over the waves of sideways trend over the daily price chart. The coin needs its bulls now to make the recovery process successful. The price recovered approximately 30% in 6 days amid the bullish influence. A return of bearish pressure over the hourly chart can be observed and the technical indicators also recommend the same. The investors need to wait for a perfect dip to enter the market.

Technical levels

Resistance levels: $0.63 and $0.54

Support levels: $0.87 and $0.99

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

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