MINA crypto price is trading with bullish cues and bulls are trying to push the prices above the $1.00 hurdle but bear’s seem to be not giving up on the higher levels. According to Coinglass, In the last 12 hours long and short ratio stands at 0.96 which denotes the balance between bullish and bearish positions. Currently, The pair of MINA/USDT is trading at $0.909 with an intraday gains of 2.02% and the 24-hour volume to market cap ratio at 0.4118
Mina price ready for $1.00 breakout ?
On a daily time frame, MINA crypto prices are rising upward and forming a bullish continuation pattern which has created a positive hope for the long term investors. Recently, At the end of January, Mina coin had succeeded to hold the prices above the 50 day EMA and bounce back by forming a giant bullish candle which further continued and breakout of the 200 day EMA shows the confidence of buyers at the lower levels and reversed the positional trend in favor of bulls.
Mina coin had also witnessed a volume spike and prices had also followed the same direction indicating that some gunnine buyers have a long position and expecting the more upward movement in the coming few months.However,the prices are stuck in the narrow range and consolidating near to the supply zone at $1.00 level, which will be act as an immediate hurdle for the bulls and if bulls succeed to break out of the hurdle level then price can rally toward $1.210 mark in a shot span of time.
Meanwhile, The technical indicators of Mina like MACD which is on the way to generate a positive crossover, The RSI at 64 sloping upward denotes strength of bulls and the price action is also favoring the bulls which increases the probability of the upside breakout in the coming weeks.However, if prices face rejection from the supply zone then $0.627 will be act as a savior for the bulls and traders may look for buying opportunity near to the support levels.
Summary
Mina price is in recovery mode and forming a bullish continuation pattern but bear’s are not willing to give up the $1.00 mark which act as a strong barrier for the short term bullish traders. The technical analysis suggests that the Mina price is into the bulls grip and likely to see an upside breakout in the coming months.
Therefore, it’s better to search for buying opportunities for the target of $1.210 by keeping $0.500 as SL. However, if the prices slipped below $0.500, then it will be a matter of concern for the bullish traders.
Technical levels
Resistance levels : $1.002 and $1.210
Support levels : $0.627 and $0.418
