- Meena Coin has been underperforming inside a falling wedge pattern since the last 20 days.
- On the daily chart, Meena price is seen trading below important EMAs like 20,50,100.
- MINA’s market cap is up by around 13% over the last 24 hours as price takes support near $0.55.
MENA investors are struggling to sell. From mid-March to mid-April, buyers had a great time where the bulls were celebrating a strong bullish rally. But since the April high of $3.54, the MINA coin has been trending lower.
Price action depicts selling on an uptrend pattern in terms of the daily price graph. As a result, MINA coin has been underperforming inside a falling wedge pattern since last 20 days.
Buyers saw a 52-week low of $0.558 mark. Meanwhile, the bulls are looking aggressive for the upward momentum, hence the altcoin is trading in the green zone at the $0.668 mark at the time of writing.
Meena’s market cap rose nearly 13% to $363 million in the last 24 hours, according to CMC data. Moreover, the MINA price with the bitcoin pair is trading up 26.8% at 0.00002996 satoshis.
As Bitcoin recovered above $22K last night, there was a sudden buyout. The trading volume thus increased by 45% and recorded the most volatile session in the last two weeks.
RSI reversed from an oversold zone
Since April 11, buyers have been struggling to break above the 20-day exponential moving average. It looks like the rally may break this bullish barrier. But still the price of MENA is being seen below the important EMA like 20,50,100.
The daily RSI indicator is trading above the highly oversold zone after joining it.
Conclusion
The RSI indicator could be slightly correct in the coming days. And recently buyers reversed the MINA coin price upwards from the support trendline of the falling wedge pattern so that the bulls could push the altcoin price towards the 20 EMA line.
Resistance level- $1.0 and $1.6
Support level- $0.55 and $1.0
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.
Source: https://www.thecoinrepublic.com/2022/06/14/mina-price-analysis-mina-trades-in-a-bearish-chart-pattern-but-expects-a-bull-trend-reversal/