MINA Coin Price Prediction: Will the price continue its fall?

• Mina’s coin price is trading at $0.375.
• The price has recently given the breakdown of its historical support of $0.421.
• The MINAUSDT coin has been trading with a $9,816,484 volume in the last 24 hours.

MINAUSDT Coin: Technical Analysis

In January 2023, MINAUSDT formed support at $0.421 and commenced a bullish rally. The price went up in higher higher high formation and made the 2023 high of $1.250. The price after reaching $1.250 faced rejection from there and started to fall. It broke the recent low of the higher high and fell to the subsequent low at $0.580.

The price formed support at $0.580 from where the buyer tried to push the price in the upward direction. The buyers pushed the price to $0.950 from where it fell to $0.705 and tried to sustain above it. The period of time the price spent above the $0.705 support, formed a double-top pattern during that period of time.

In April 2023, the price gave the breakdown of the $0.705 support and started to fall and fell to $0.580 support. As soon as the price reached $0.580 support it gave the breakdown of the support and again started to fall. The price fell to its historical support at $0.421 from where it began its bullish rally in January 2023.

In June 2023, the price tried to give the breakdown of its historical support but it failed to do it and reclaimed the support. The price spent almost one and a half months trading above $0.421 support. But in mid-August 2023, the price gave the breakdown of the and currently is trading below it. 

If the MINA Coin price forms a strong bearish candle below the support it may continue its downtrend to its next support at $0.250 which was started back in February 2023. However, for the price to be in bullish sentiment again it must reclaim the $0.421 support then it can be seen rising to $0.580.

Technical Indicators’ Prediction About the Current Trend

The MINA Coin price is trading under 50 and 200 ema indicating the price is in the bearish sentiment and is in control of sellers.

The relative strength index is at 39.08. The RSI line is in bearish territory indicating the price of XECUSDT is under the influence of the sellers.

The long/Short ratio of MINA shows that the short positions are placed more than the long positions in the last 24 hours. Where long positions are of 48.1% and short positions are of 51.1%.

Conclusion

Mina / TetherUS (Binance) coin chart is bearish. The price has recently given the breakdown of its $0.421 historical support. If the price forms a strong bearish candle below the support it may continue its downtrend to its next support at $0.250 which was start back in February 2023. However, for the price to be in bullish sentiment again it must reclaim the $0.421 support then it can be seen rising to $0.580.

Technical levels

Resistance levels: $0.421 and $0.580.

Support levels:  $0.250.

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.