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MINA Reveals Sharp Distribution: Could It Retain $1 Mark Ahead?

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The Mina Protocol (MINA) token price displayed a breakdown and breached the round mark $1, signifying a downtrend.

For the past few weeks, the token engaged in the lower low swings and lost over 25% of gains last month. Recent price action highlights the range bound price action, but buyers have to close and sustain above the 20 day EMA mark.

At press time, the Mina Protocol (MINA) price traded at $0.8527 with an intraday gain of 1.28%, reflecting neutrality on the charts. It has a monthly return ratio of -12.90% and 156.29% yearly.

The pair of MINA/BTC is at 0.0000124 BTC, and the market cap is $948.01 Million. Analysts are neutral and suggest that the MINA price may continue to hover in the downside region and signifies consolidation.

MINA Below $1 Mark: Can Bulls Lead Dominance?

Since the beginning of 2024, the token has traded in the bearish bias and is displaying consistent selloff. Moreover, the sellers have continued to add short positions and will likely push the token below the $0.7000 mark.

Source: Santiment

The price action demonstrated a double top formation and the token faced sharp throwback from the supply region of $1.60 mark. Afterward, no buying activity was noted and a decline in the investor interest was noted.

However, the trading volume significantly increased over 33.20% to $35.47 Million in the last 24 hrs. Ranked at 101 per the market cap, the total supply of the token is 1.16 billion and has a volume to market cap ratio of 0.0375.

In a recent tweet by @EliZ, he mentioned that the token makes a descending triangle formation and might breach the trendline mark of $0.9000. Meanwhile, this idea was not valid if it breaks below $0.7500.

Source: X

What Does Social Dominance and Development Activity Data Suggest?

The social dominance data reveals a sharp decline of over 23% to 0.067%, highlighting the decline over the past few weeks.

Source: Santiment

The Development activity data shows sharp follow-on downmove of over 32% to the 29.24 mark, revealing no significant investor interest.

Futures OI Data Reveal Selloff Still Intact

This week, the sellers have added fresh short additions and the future data replicate the upcoming down move is still on the cards.

Source: CoinGlass

The open interest sharply surged over 17.67% to $31.02 Million in the last 24 hrs, revealing the seller eyeing for a further decline ahead.

The immediate support levels for the Mina Protocol (MINA) is $0.8400 and $0.8200 whereas the key upside hurdle is around $0.8700 followed by $0.9000.

Conclusion

The Mina Protocol (MINA) looks bearish on the charts and displayed consistent downmove for the past sessions. Meanwhile, the token trades at the crucial support zone near $0.8000 which might lead to a bounce ahead.

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