MINA price is trading within consolidation?

The MINA price has been consolidating within a narrow consolidation for the last couple of days within a descending channel. The price of MINA is presently trading near an important support zone. The price of MINA has taken support from this level multiple times in the past. If it gains the buyer’s support from the current level the price can see a further increase of 27% within the next few weeks.

Few of the technical indicators are supporting the bulls on the daily timeframe. The RSI and Stochestic RSI Oscillators are trading near the demand levels indicating that the price is currently trading in the oversold zone. MINA is currently trading within a descending flag pattern.

MINA Price may take a bullish reversal  

The price of MINA has been making constant attempts to cross above it after taking a sharp downfall of 43% near early March when the price broke its uptrend. Though it has not been successful in breaking its recent resistance level near $0.900. 

Technical Analysis (1-Day Timeframe )

The Major key EMA lines are steadily taking divergence from their previous convergence. The price is currently taking consistent resistance from 20 EMA. The price of MINA will require fierce buyer support to make a breakout above its recent resistance level. 

The EMA and SMA are moving in sharp contrast with each other. Where the EMA’s are moving in descending order providing resistance to the price of MINA the SMA lines are moving in ascending order; giving support to the price.

The RSI line has been taking constant resistance from the 14 SMA. The current RSI value is 37.21 points which are giving resistance to the 14 SMA line around 40.16 points. The RSI line may take another bearish correction before crossing above its resistance zone.

The stochastic RSI line is currently trading near the oversold zone near 30 points. However, recently %K and %D lines gave a bearish intersection after crossing above 30 points. At present, the value of Stochastic RSI is trading around 28.00 points.

Conclusion

According to the analysis, the Historical Price Action of MINA is suggesting that the price can make an attempt to make a bullish reversal with the investor’s assistance. The technical oscillators are also trading in the bull’s favor. 

Technical levels –

Support $0.500 and $0.600

Resistance – $0.800 and $1.000

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.

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.

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