Home
News
- 1 The Mina crypto price takes support on the 50-day EMA mark and is showing retracement move.
- 2 Technical indicators are suggesting a possible decline toward the $1 mark.
The Mina coin shows a double top formation and witnessed a rejection from the supply zone of $1.60 mark and is retracing gains. Furthermore, the coin is retesting the 20 day EMA and has slipped to 50 day EMA signifying that sellers are trying to push Mina crypto toward the $1 mark shortly. The price action indicates that the coin trades at its crucial lower trendline support zone of $1.30, which if broken, a possible correction toward the 200 day EMA mark can be seen.
At press time, the Mina coin (MINA) price was trading at $1.39 with an intraday gain of 7.12%, indicating neutrality on the charts. It has a monthly return ratio of 6.93% and 72.08% on a yearly basis. The pair of MINA/BTC is at 0.0000204 BTC, and the market cap is $1.49 Billion. Analysts are neutral and suggest the MINA price will face volatility and may retest the $1 mark soon.
Mina Price Trying for Pullback; Volume Reveals an Uptick
The data shows that Mina crypto price trades at its significant support zone, and a meaningful bounce was noted in the last session. The Mina coin price witnessed a rebound and is decisively holding gains above the 50-day EMA mark, which is near the lower trendline support. Similarly, the trading volume also noted a significant rise of over 25% to $177.80 million, implying the investors’ interest.
Price Volatility and Weighted Sentiment Outlook
Since the start of this month, a sharp increase in the volatility and the total weighted sentiment has been noted and replicated in the above data. The volatility curve noted a massive rise of over 430% and reached a high of 0.81, whereas the sentiment value rose to the 5.89 mark. However, the intraday volatility and sentiment noted a decline, which led to a steady price comeback.
Social Dominance and Twitter Activity Analysis
The above data shows that there is an increase in the value of social dominance, which signifies a rising investor interest. The value rose around 54% to 0.023%, indicating a positive outlook. Conversely, the development activity witnessed a decline, and the value dropped by over 70%, 4.90, implying no significant development is happening this month. However, the activity on the Twitter platform also noted a drop; the follower’s data reveals a decline of over 90% to 70.
What Do the Technical Indicators Suggest?
The technical indicators reveal a negative view, as the price witnessed a retracement move this week. However, the RSI curve stayed in the overbought zone, but a negative divergence was noted, which may lead to a short-term correction. The market cap data noted a 7% drop and slipped to $1.49 Billion.
The Total supply of the Mina crypto is 1.14 Billion, and the volume-to-market cap ratio is 0.124.
Summary
The Mina crypto (MINA) price witnessed a pullback, and buyers are keen to cross the supply region of $1.60. Moreover, the market sentiment is favoring the upside, and the coin may reach the round mark of $2 soon.
Technical Levels
Support Levels: $1.20 and $1
Resistance Levels: $1.50 and $1.80
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.
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.
