Mina Price Prediction: Will MINA Escape Its Declining Streak?

• Mina is currently trading at $0.7218 (press time) with an increase of 8.28% during the intraday trading session.

• The 24-hour low for MINA was $0.7141 and the 24-hour high was $0.7993.

• The current Mina price is below the 20-, 50-, 100-, and 200-Day EMAs.

The MINA/BTC pair was trading at 0.00002675 BTC with a dip of 5.54% over the intraday trading session.

Mina price prediction suggests that it is currently in a downtrend after testing its primary resistance of $0.832. MINA marked its new 52-week low on the first day of 2023. However, after marking its new 52-week low, MINA started moving upwards with the help of active buyers in the market.

The MINA token price broke its primary support and resistance of $0.980.However, as soon as the MINA price breached its secondary resistance, sellers again became active in the market which caused the fall of the MINA token price below its primary resistance of $0.832 which can also be one of many reasons causing the previous downtrend as can be seen over the daily time frame chart.

The formation of the morning star candlestick pattern after the prior downtrend might be the cause of the prior uptrend as can be seen over the daily trading chart. However, after reaching near the secondary resistance of the MINA token which is $0.980 the MINA price started to slip. This shows that the zone near the secondary resistance is acting as the distributing zone or can be called a supply zone. The heavy selling pressure might also be one of many reasons why the MINA price is currently in a downtrend.

The trading volume of the coin increased by 56.73% in the last 24 hours, meaning that buying in the market has increased. Buyers are trying their best and there is no relationship between the volume and the price of MINA, which shows weakness in the current bearish phase.

Mina Price Technical Analysis:

The Relative Strength Index (RSI) is decreasing in the oversold zone and shows a negative crossover, wherein the sellers are in the majority and pushing MINA downwards. This shows the strength of the current bearish trend. The current value of RSI is 42.30, which is below the average RSI value of 49.36. 

The MACD and the signal line are decreasing and showing a negative crossover over the daily chart, which provides evidence supporting the RSI claims.

Conclusion

Mina price prediction suggests that it is currently in a downtrend after testing its primary resistance of $0.832.MINA marked its new 52-week low on the first day of 2023. The increase in trading volume reflects the positive market sentiment for the FET token.

Furthermore, the RSI and MACD are decreasing in the oversold zone and have shown a negative crossover, which indicates strength in the current bearish phase. Traders are advised to proceed with caution when making trades in the market.

Technical Levels

Resistance level- $0.832 and $0.980

Support level- $0.534 and $0.420

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.

Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.

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