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- MINA crypto price is struggling in the demand zone amid the ongoing crypto decline.
- Trading volume declined by 24% to $16.2 million in the last 24 hours.
- The RSI indicator on the daily price scale is going to dip into oversold territory.
The MINA coin fell dramatically over the past few days as FTX filed for bankruptcy. The crypto market overall is battling selling pressure, with many cryptocurrencies in fact hitting their latest 52-week lows amid a blood bath. MINA Crypto also follows in the back footsteps of Bitcoin and Ethereum and reached the demand zone this week.
At the time of this writing, MENA Coin is trading at the $0.537 mark against the USDT pair. In the intraday trading session, it followed bear orders as it is down 2.2% right now. This is forming the third bearish candle today, and the bears are going to celebrate the bearish weekly close as the weekly candle of Mina coin is down 22.17%.
Price structure draws higher-lows, where bears often sold digital crypto on price rise. After connecting all seeing high’s, sellers found a bearish trendline. Buyers may see price fall again at this level. In contrast, buyers barely try to defend themselves in the demand zone, because the next breakdown may spoil many possible recovery ahead. However, trading volume is decreasing down and it dropped 24% in the last 24 hours, reported at $16.2 Million.
Over the daily price scale, MINA coin price is decreasing down below the red moving lines of the EMA ribbon indicator in terms of the daily price scale. Buyers will have to strive a lot to maintain higher price territory above the EMA ribbon indicator. Ahead in the Bearish Trend, RSI indicator is going to dip into the oversold area.
Conclusion
Undoubtedly MINA crypto price is intensely weak as the daily price candle drew only two bullish candles rest of seven strong bearish candles. Make or break situations observed at the demand zone. In addition RSI is going to dip into oversold zone, which may help bears in breakdown.
Support level – $0.50 and $0.050
Resistance level – $0.10 and $0.16
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.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
