MINA Price Analysis: Token gains 10% in one day; are the bulls back in the game?

• Token has shown bullish actions in previous sessions.
• The pair of MINA/USD is trading at the price level of $0.42 with a gain of 9.75% in the past 24 hours.

Year 2022 began with bullish momentum, with MINA token reaching a high of $4.2 in January, but since then, the price has been steadily falling, with resistance levels rejecting it. Bulls have been active in previous sessions, aiming to change the trend in their favor. Let’s see whether the bulls can dethrone the bears.

MINA on the daily chart

Bears were in charge and driving the token’s price down. Following its all-time low of $0.42, the token has gained bullish momentum. MINA is presently trading at $0.52, up 9.75% in the last 24 hours, as shown on the daily chart. It is trading between its 50 and 200 EMA moving averages. (Red line is 50 EMA and the blue line is 200 EMA). As it rises roughly 10% in a day, the token has retraced to its previous demand zone.

Relative Strength Index: The asset’s RSI curve is presently trading at 64.12, indicating that it is in the overbought zone. The RSI curve has crossed above the 14 SMA, indicating bullishness. The rise in the price of the token in recent days has led to an increase in the value of the RSI curve. If the bulls continue this momentum, the RSI curve may go over 70, indicating a strong overbought zone.

Analyst view & Expectations

After bears burning the cash of investors bulls are back in the game, relief for the investors. Token has gained over 10% in a single day and is trading around crucial levels such as the 50 EMA and the Demand zone. If the token closes above the 50-day moving average and the previous demand zone, investors can buy now since the token will enter a short-term bullish trend. Intraday traders, on the other hand, have a good opportunity to go long and can book profits based on their risk to reward ratio.

According to our current Mina Protocol price prediction, the value of Mina Protocol will fall by -6.98% by next few days, reaching $ 0.490202. Our technical indicators indicate that the current sentiment is Neutral, with the Fear & Greed Index reading 26. (Fear). Over the previous 30 days, Mina Protocol has 12/30 (40%) green days and 7.26% price volatility. According to our Mina Protocol forecast, now is a good time to buy Mina Protocol if it sustains above the crucial levels.

Technical Levels

Major support: $0.43

Major resistance: $0.58

Conclusion

Token has shown bullish vigor, gaining around 10% in a single day. Investors who want to get in early on the trend can do so now, or they can wait for the candle to close above the 50 EMA and demand zone for more confirmation.

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 the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.

Latest posts by Nancy J. Allen (see all)