- Token faces rejection from the resistance level.
- The pair of MINA/USDT is trading at the price level of $0.530 with a gain of 0.58% in the past 24 hours.
MINA token recently reached an all-time low of $0.420; however, it has since recovered with bullish momentum and is currently trading in the demand zone on a daily time frame.
MINA token on the daily time frame
The token has retraced to the demand zone but is unable to break through the $0.579 resistance level. According to the daily chart, MINA token is presently trading at $0.530, up 0.58% in the last 24 hours. It is trading between its two key Moving Averages, the 50 EMA and the 200 EMA. (Red line is 50 EMA and the blue line is 200 EMA). The token is now finding support at the 50 EMA.
Relative Strength Index: The asset’s RSI curve is currently trading at 55.83, indicating that it is in the overbought zone. The token is being rejected by the demand zone, causing the RSI curve’s value to fall. The RSI curve has crossed below the 14 SMA, indicating bearishness. If the token’s price continues to decline from the demand zone, the value of the RSI curve will fall even further.
Analyst view & Expectations
After retracing to the demand zone, the token is currently finding support near the 50 EMA. Investors are advised not to buy now and to wait for the token to break over the resistance level of $0.580 and sustain this level in order to get more confirmation on the trend’s direction. Intraday traders, on the other hand, have a good opportunity to go long if the token breaks above the resistance level and short if the token is unable to sustain above the 50 EMA and crosses the 50 EMA downward.
According to our current Mina Protocol price prediction, the value of Mina Protocol is expected to fall by -2.63% in the coming days and reach $ 0.517716. Our technical indicators indicate that the current sentiment is bearish, with the Fear & Greed Index reading 51. (Neutral). Over the last 30 days, Mina Protocol had 16/30 (53%) green days and 8.28% price volatility. According to our Mina Protocol forecast, now is not the time to buy Mina Protocol.
Technical Levels
Major support: $0.420
Major resistance: $0.580
Conclusion
The token is in a downtrend, with bears pushing the price down, forming lower highs and lower lows. Investors should wait for a clear indication before acting. It remains to be seen if the token price can rebound from the long-term demand zone or break through and fall.
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/2023/01/21/mina-price-analysis-token-retraces-to-the-demand-zone-finding-support-at-the-50-ema/