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- Mina crypto price succeeds to hold 50-day EMA and attempting to break 200-day EMA
- Mina price broke out of the narrow range consolidation and formed a bullish reversal pattern
- Mina crypto technical indicators are turning bullish and created positive hope for the long term investors
Mina crypto price is trading with bullish cues and bulls are trying to reverse the positional trend by breaking out of the 200-day EMA hurdle level. However, the price is forming a rejection candle from the supply zones indicating bears are active at high levels. Currently, The pair of MINA/USDT was trading at $0.705 with intraday gains at 3.07% and the 24-hour volume-to-market cap ratio at 0.2274
Will MINA price break out 200-day EMA and reach $1.000 ?
On a daily time frame, Mina crypto price had shown a massive up-move of more than 22% on an intraday basis and broke out of the narrow range consolidation zone which has created positive hope for the long-term investors.
Recently, at the beginning of January, Mina price took support at $0.420, and after a little bit of consolidation, prices gained some positive momentum and succeeded to reclaim above the 50-day EMA which has given the initial signs of a short-term trend reversal.
Mina price had broken out of the $0.600 hurdle level with a giant bullish candle. At the same time, the volume bar surged to the highest level indicating that some genuine buyers had taken long positions and were expecting outperformance in the coming months. However, the price is near to the supply zones and it will be difficult for bulls to dominate on the higher levels. The 200 day EMA (green) and $0.800 level will be acting as an immediate hurdle for bulls. If Bulls succeed to break out of the hurdle zone then the next destination will be the $1.00 level.
Mina price seems to be entering into the overbought zone as RSI curve at 75 and if market sentiment turns negative then a minor sell-off can trigger from the higher levels. However, the recent breakout looks sustainable and any dips towards the support levels of $0.600 and $0.500 will provide a buying opportunity for the investors.
The MACD has generated a positive crossover which indicates that the price is likely to trade with a bullish bias and may enter into the consolidation before deciding the further direction.
Summary
After analyzing the Mina price with the different technical indicators it seems like the price is preparing for a more upward movement but a few days of consolidation is possible before deciding the further direction. Therefore, aggressive traders may look for buying opportunities near to the support level mentioned above and aim for the target of $1.000 by keeping $0.400 as SL. However, if price drops below the $0.400 level then we can see more downside in the Mina prices.
Technical levels
Resistance levels: $0.800 and $1.000
Support levels: $0.500 and $0.400
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish 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.
