- MINA is currently moving in a sideways trend.
- It is expected to show a bull move after crossing its major resistance.
- The RSI indicator is generating a buy signal for the coin.
On the daily chart, MINA previously crossed one of its resistances and displayed a bull move. However, that bull move was ineffective because it only managed to reach the next close resistance before falling back again. The price is presently fluctuating within a range.
In addition, the coin has previously shown a breakout of the trendline (the red line).
Monoscopic View
MINA is moving in a sideways trend on the daily chart. The price is currently trading back to the levels from which it made a bullish rise. Price movement is range-bound. Therefore, if the price breaks out of this range and its major resistance (marked by a horizontal line), we might witness a bull surge. Moreover, 50 EMA (the blue line) is also loosely approaching 200 EMA (the green line) so there are chances that we may also see a Golden Crossover.
The MACD indicator previously indicated a bullish crossover, but we can now see this bullish crossover is weakening as bears are attempting to overtake bulls as the MACD histogram is turning light green. On the other hand, the RSI curve is currently trading over its 50-point mark at 65.92. Once the price of the coin increases, the RSI curve will move further higher. Overall, we get the conclusion that while RSI is providing a buy signal, MACD is not.
Microscopic View
Golden Crossover took place previously on a short-term chart after which a price gave a huge bull rally. Now the price can be seen consolidating in a range the same as on the daily chart. Its resistance levels are also the same that were marked on the daily chart. This means that if there is any bull movement on the short-term chart then automatically we will see the price rising on the daily chart as well.
The price of MINA is expected to increase by 16.70% and reach $0.983729 by February 12 of this year, according to Coin Codex’s most recent price forecast. Its technical indicators indicate that the current sentiment is bullish and the Fear and Greed Index is currently at 54 (neutral). Further Coin Codex states that in the past 30 days, the price volatility for MINA was 20.38% with 18/30 days (60%) of the days being green.
Conclusion
We can expect a bull move in the coin after the price crosses its major resistance.
Technical Levels
Resistance levels- $0.980 and $2.515
Support levels- $0.588 and $0.440
Disclaimer: The opinions represented in this work along with any other opinions are presented primarily for informative purposes and are not intended to be taken as investment advice.