- The MINA price is currently trading at $759.00 while seeing a change of 2.79% in 24-hour trading volume.
- The MINA price is observing an increase of 1.02% in the last 24 hours
The MINA price has taken a bearish turn over the last few months. After breaking below its s around $0.950 with strength the price took a bearish downturn of 35%. After taking support from the price of $0.420 MINA started trading on a bullish trend. And the 20 and 50 EMA also crossed over the 100 EMA and 200 EMA giving an extremely bullish crossover which is also called a golden crossover. Following this, the price gained more than 95% of its value.
Although after taking support from the $0.950 MINA price did make a bullish engulfing candle which was proven to be a fake move. Following the bullish candlestick the price made an evening star and dark cloud cover pattern which is an indicator of a bearish reversal. After this, the price made a downfall of 35 percent crossing below all the major EMI levels.
The MINA price is currently facing resistance from 200 EMA (Daily Timeframe)
The Mina network (MINA) protocol is a “succinct blockchain” which was built to cut back computational requirements to run Decentralized applications more easily. Mina Network has been described as the world’s lightest blockchain. It has been described as such because of its design which is to remain constant despite its usage. MINA network size is just 22KB which is considerably small compared to other major currencies.
Technical Analysis ( 1 Day Timeframe )
The price after taking a downfall MINA price made a retest from its previous support level and made a bearish correction of 20%. The 20/50/100/200 EMA are currently making a narrow convergence also the price is at present taking resistance from the 100 EMA which is trading below the 200 EMA. The convergence is providing an indication of an upcoming big move. The RSI line is trading below the median line and 14 SMA around 45.99 points.
Conclusion
The overall market sentiments are currently trading around the greed zone of around 61 points according to the greed and fear index. seeing a decline of 3 points since the last week when the market sentiments were around 64 points. As per the Alternative(dot)me platform. On the other hand, the sellers are currently dominating most of the cryptocurrency exchange platforms. However, the buyers have a strong grip on some platforms where they are overwhelming the price action 63 – 67%
Technical levels –
Support -$0.600
Resistance – $0.804
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/2023/04/01/mina-price-analysis-mina-price-trading-under-bears-influence/