- The MINA price is currently trading at $0.721 while seeing a change of -17% in 24-hour trading volume.
- The MINA price has been observing a decline of 3.54% in the last 24 hours.
The Mina network protocol is said to be a “succinct blockchain”. Mina Network is also described as the world’s lightest blockchain due its design that remains constant despite its usage. The size of the MINA network is just 22KB, considerably smaller than other major blockchains.
Investors are currently indecisive about the MINA network. The price of MINA is trading within a consolidation range, where it is also facing major resistance from the 100 and 200 EMA. The price is also making a rough head and shoulder pattern where the shoulders are being formed at $0.900 and the head around $1.200. The major trend for the MINA price is bearish, despite making several attempts to break its downtrend.
MINA price trading below the 200 EMA on the (Daily Timeframe)
The price broke out of its uptrend after breaking its support level of around $900. Following the downfall of 40%, the MINA price made a retest from its shoulder level making a bearish correction of 20%. On the other hand, -20,-50,-100,-200 EMA’s are making a narrow convergence. The price is currently facing resistance from the 100 EMA and 200 EMA.
The convergence is an indication of an upcoming big move, but it can be bearish as the price is facing critical resistance. The oscillators are also giving bearish indications.
Technical Analysis ( 1 Day Timeframe )
The RSI line recently crossed below the 14 SMA, making a lower high and lower low pattern. The RSI is taking divergence from price action whereas the Stochastic RSI is making a bearish reversal above the median line. The Stochastic RSI is also suggesting a bearish crossover.
The current value of RSI is 42.95 points where Stochastic RSI is at 54.37 points.
Conclusion
According to analysis, the MINA price is trading within consolidation under the convergence of all the major EMAs. Both convergence and consolidation are indicators of a breakout; the making of these indications below the 200 EMA suggests that this breakout can be made in a bearish direction.
This analysis is supported by the oscillators, where the RSI is making a downward divergence and the stochastic RSI might make a negative intersection. If the MINA price does make a breakout, it can make a bearish correction of 18% on the daily timeframe.
Technical levels –
Support $0.700
Resistance – $0.800
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Source: https://www.thecoinrepublic.com/2023/04/12/mina-price-analysis-is-mina-price-taking-a-bearish-divergence/