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- 1 MINA price chart shows range bound moves over the past number of trading sessions.
- 2 Buyers are looking to escape the trendline of $0.500.
MINA price is trading below the 20 day EMA and is consolidating in a narrow range in the $0.300 – $0.450 band, and did not show signs of breakout. However, the trend is intact and the small size of candlesticks signals lower investor interest and average trading volume which did not give pace to bulls for initiating a reversal. On the other hand, sellers also need momentum to break the immediate support zone of $0.300 to bring MINA toward the demand zone of $0.200.
MINA price formed a double bottom pattern, bulls were attempting a breakout by escaping the neckline of $0.450 followed by $0.500 to chase the gains toward $0.600. Furthermore, the trend is neutral and bulls showing their interest and hold the gains near $0.350 and waiting for a pullback for the past sessions. Sellers are now in control and buyers are trying to retain the 50 day EMA spot to crack the immediate hurdle of $0.400.
At press time, MINA price is trading at $03792 with an intraday gain of 0.46% showing neutrality on the charts. Moreover, the trading volume increased by 1.11% to $6.60 Million and the pair of MINA/BTC is at 0.00000143 BTC. MINA has a market cap of $369.22 Million. However, analysts maintained a neutral rating and suggested further downside risk to $0.200.
MINA price corrected from the highs of $1.000 and retested the lows of $0.200 suggesting that it may rebound and bring the neutrality again in the upcoming sessions. If the price sustains near $0.350, slowly & steadily, MINA will recover and try to surpass the trendline of $0.500 and will retest the 200 day EMA soon.
MINA Price Action on Daily Charts
On the daily charts, the MINA price is trading in a narrow range below the 20-day EMA, suggesting that the past few sessions were weak. Moreover, the trading volume was below average, showing lower investor interest and signs of fear. Furthermore, the chart shows the long unwinding activity; the token is trading below the primary cluster of $0.500, again, highlighting the bearishness of the past sessions.
Short Term Chart Shows Signs of Reversal
On the 4-hour charts, MINA price initiated recovery and formed higher highs inside the rising channel, indicating buyer accumulation in the past sessions. Moreover, the selling pressure is fading, and buyers are rising slowly to surpass the immediate hurdle of the 200-day EMA.
The RSI curve is near neutrality and formed a bullish divergence, indicating that significant upside is due, which buyers are looking to attain in the coming sessions. The MACD indicator shows a bearish crossover on the histogram, suggesting a negative outlook.
Summary
MINA price is in a narrow range and is consolidating near the lower neckline of $0.350. However, the chart shows a double bottom pattern, with the buyers looking to surpass the upper trendline near $0.500, which, if smashed, would take the price to the $0.700 mark. Furthermore, MINA token may reverse the trend and retest the 200-day EMA in the upcoming sessions.
Technical Levels
Support Levels: $0.250 and $0.100
Resistance Levels: $0.450 and $0.700
Disclaimer
The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto or stocks 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.
