- MINA token price action struggles to rise above the $4 mark in the 4-hour chart.
- The MINA/BTC pair trades at 0.00008723 BTC with a rise of 9.36%.
- The 24-hour volume of the token is $131 Million, indicating a 150% rise.
The MINA token price rose more than 15% in the last 48hous after finding a sudden rise in demand near the $3.5 mark. The price jump breaks above the $3.75 mark but struggles to overcome the selling pressure at the $4 mark.
Additionally, the price breaks above all the crucial EMAs in the 4-hour chart. Moreover, the rising 50 and 200 period EMAs increase the chances of a golden crossover.
Furthermore, the price action of MINA tokens has shown a rise in underlying bullishness and the pivot point suggests resistance levels around the $4 and $4.25mark if the price exhibits bullish pressure. Additionally, on the reverse side, the support line is located at $3.75 as well as at the $3.5 mark.
At the time of writing this analysis, it is around $4.03.
Will The MINA Token Price Break The $4 Mark?
As we’ve already discussed, it appears that the MINA token is increasing the chances of a bearish reversal in trend. And, the price action shows a higher price rejection near the $4 mark. Therefore, it is evident that the bulls are gradually losing trend control.
The RSI indicator is a sign of an increase in the underlying bullishness as the slope cruises to the 65% mark and shows rejection from the overbought zone in the 4-hour chart.
Conclusion: From a technical perspective, the MINA token indicates increased trend momentum. However, the higher price rejection in the 4-hour chart increases the chances for a reversal from the $4 mark if the price shows increased selling pressure.
Support – $3.75 and $3.5
Resistance – $4 and $4.25
DISCLAIMER: The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.