The Mina coin has been on a declining trend for the past 6 months wiping out 59.6% of its value in the last 6 months and declining 25% in the past 3 months to form a new swing low.
Recently, the price tried a recovery after hitting a new swing low but lacked momentum and failed to break above the previous swing high and got detained. The price then declined suffering multiple rejections from an upper trendline resistance.
Mina (MINA) Protocol is a succinct blockchain that reduces the computation needed to run DApps efficiently. Mina stays the same size regardless of usage, making it the world’s lightest blockchain. It also balances security and decentralization. Mina was formerly known as Coda Protocol until October 2020.
Mina Price Lacking Buyers Volume On The Daily Chart.
The short-term outlook for the price prediction stays neutral to the bearish side until the price stays below the trendline resistance. However, the buyers may try to take over the game if the price breaks and sustains above the trendline resistance.
The long-term trend is still bearish until the price remains below the previous swing low and the 200 EMA. the price may resume its long-term trend if breaks below the immediate support.
Technical Indicators Showing Weakness About The MINA Price
As per the EMA analysis, the MINA price could not sustain above the 50 EMA indicating the dominance of the selling pressure in the market. The price is trading below the 200 EMA which indicates the long-term bearishness prevailing in the market.
At the time of publishing, the RSI value of the MINA token is 41.62 and that of the SMA line is 49.79. RSI has gone sideways indicating neutral sentiment in the market for now.
MACD lines have formed a bearish crossover. Also, Histogram bars are being formed below the mean line with increasing height indicating a bearish sentiment dominating the market.
Conclusion
Mina’s price prediction concludes that the price has been falling for six months, losing 59.6% of its value. It failed to recover and faced resistance from an upper trendline. The short-term outlook is neutral to bearish unless the price breaks above the trendline. The long-term trend is bearish until the price crosses the previous low and the 200 EMA. The price may continue to fall if it breaks below the immediate support. Also, the technical indicators signal the dominance of the sellers in the market and the price may resume its long-term trend if breaks below the immediate support level.
Technical Levels
- Support levels: $0.421 and $0.370.
- Resistance levels: $0.482 and $0.594.
