Boomer
Covenant x402
Claudia
Pearl
Quantus
Bitcoin
NEAR Protocol
- Mina Price fell 23% in the previous weeks and hit a fresh 52 week low.
- The MINA crypto price dropped below 50 and 200 day EMA.
- The pair of MINA/BTC is trading at $0.00001604 with an intraday decline of -0.56%.
Mina Price fell 23% in the previous week and formed a highly bearish pattern. Mina crypto price is in downtrend and continuously declining by forming lower low swings.
The price faced rejection from $1.00 and bears dragged it down below the 50 and 200 day EMA which invited further decline.
Mina Price consolidated for a few weeks near $0.500 and showed the sign of base formation. Recently, it broke down the lower range with a higher volume and expanded downside.
However, the downfall did not give the follow through momentum and got stuck in a range.
The trading volume in the Mina crypto is in a declining phase but in between minor spikes are visible. It shows speculators are active and pull back rally may trigger any time to cover the previous shorts.
Mina Price performed well in the beginning of 2023 and breakout of $1.00 level. But buyers are unable to hold the higher levels and prices revert down and erode the complete gains.
Mina Price is trading at $0.425 with an intraday decline of -0.47%. Whereas, The pair of MINA/BTC is trading at $0.00001604 with an intraday decline of -0.56%.
Short term pull back possible in Mina Price
Mina Price has corrected a lot and still no signs of recovery are visible. However, the price is consolidating and sellers are facing difficulty to pull the prices further down.
If Mina Price holds $0.400 level and then short term pull back is possible which will take the price to 50 day EMA. To reverse the short term trend in favor of bulls, the buyers have to break out of the $0.600 level.
On the other hand, If the price drops below $0.400 the more downside will open. The technical analysis suggests MINA Price is in bear grip and seems oversold. Therefore, temporary bounce is possible but prices might face difficulty to sustain on a higher level.
MINA crypto formed inverted V-shape pattern
MINA crypto formed an inverted V-shape pattern on a weekly time frame. It shows the bears dominance on the higher levels. The crypto leader Bitcoin price is near to the crucial support.
If the BTC price recovers then it might positively impact the prices of Mina and other Altcoins.
The MACD curve is reversing upward and might show a positive crossover. It indicates mild bullishness and buyers seem to be getting active. The RSI at 34 reversing up from the oversold territory and might reach the neutral zone.
Conclusion
Mina Price fell 23% in the previous week but the sellers failed to give the follow through momentum. It shows responsive buyers are still active at lower levels.
The technical analysis suggests, MINA crypto is in bear grip but temporary bounce is possible toward the 50 day EMA.
Technical levels
Resistance levels: $0.600 and $1.000
Support levels: $0.300 and $0.200
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.
