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- MINA’s price is currently trading at $0.674 with an increase of 41% in the 24-hour trading volume.
- MINA price is up by 1.21% in the last 24 hours.
- The price of MINA may make a bullish reversal in the near future.
At present, the MINA price is trading under a consolidation after taking a 21% downturn as predicted in the previous analysis. The major trend of the MINA token is bearish according to the price action and technical indicators on a longer timeframe. The buyers are making continuous efforts to help the MINA coin break its current barrier.
The EMA and SMA are moving against each other which may create a distraction between the buyers. Though the oscillators RSI and Stochestic RSI are moving in the bull’s favor. The price has considerable resistance levels on the uptrend which may prove to be difficult to overcome. Though the bull’s consistent attempts are suggesting that the buyers are not ready to hand over the reins just yet.
MINA Price Trades around the demand zone within a consolidation (Daily Timeframe)
The 20/50/100/200 day EMAs are slowly taking divergence from their previous conference. The price has recently crossed below the 100 and 200 EMAs.
In the previous Analysis, It was estimated that the price can make a bearish downturn of 21% in total after taking rejection from the 200 EMA at the price of $0.800. Currently, the price is trading in a consolidation after taking the rejection at $0.677.
Technical Analysis (1-Day Timeframe )
The Exponential Moving Averages and Moving Averages are moving in sharp contrast with each other. Where the Exponential Moving Average is providing resistance to the price of MINA Moving Average is supporting it.
The RSI value is 41.85 points giving a negative crossover below the SMA line around 45.50. The making of a bullish curve suggests that the MINA price may soon take a positive reversal
The stochastic RSI line is taking a bullish reversal from the demand zone below overbought level. %K and %D lines are crossing above the 30 RSI points. At present, the value of Stochastic RSI is trading around 16.85 points.
Conclusion
According to analysis, the MINA price is facing severe resistance near the price of $0.900. After breaking its bull trend near early March the price has been making several attempts to reach its target at $1.000. Though it has not been able to reach the price point since taking a 41% downfall. The buyer’s sentiments are buoyant regarding the price.
Technical levels –
Support $0.500 and $0.600
Resistance – $0.800 and $1.000
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.
