MINA Technical Analysis: MINA token falls below the demand zone, what’s next?

• The MINA token price is trading below the demand zone on a daily time frame.
• The token is currently trading within a downward parallel channel.

MINA has failed previous year’s weak market despite a $92 million investment in mid-March 2022 to enhance the price of its native cryptocurrency. The year 2022 began with positive momentum, with MINA token reaching a high of $4.2 in January, but since then, the price has been steadily dropping, with resistance levels rejecting it. This is due to rising inflation and monetary policy changes in the United States and Europe. Investors are cautious to put their money at risk as a result of the uncertainty.

MINA token on the daily chart

Bears are in charge and are bringing the token’s price down. MINA is presently trading at $0.439 with a gain of 1.86% in the past 24 hours, which is close to the token’s all-time low, according to the daily chart. With lower highs and lower lows, the price is constantly falling. It is trading below its key Moving Averages which are 50 and 200 EMA. (The blue line is 200 EMA, the red line is 50 EMA.) Due to recent bearishness, token prices were heavily rejected at the supply zone, causing them to fall back into the demand zone.

Relative Strength Index: The asset’s RSI curve is presently trading at 33.17, indicating that it is in the oversold zone. As the price falls below its demand zone and is now trading at its all-time low, the RSI value may fall below 30, indicating a strong oversold condition.  The RSI curve has crossed the 14 SMA downward indicating bearishness.

Analyst view & Expectations

Token is trading in a downward parallel channel and respecting the highs and lows of the channel. If bulls can force the price higher, it should cross and remain above the 50 EMA to gain control. If the token returns to its demand zone to retest the level and continues its downward trend, intraday traders have a good chance to go short and book profits based on their risk-to-reward ratio.

According to our current Mina Protocol price prediction, the value of Mina Protocol is expected to fall by -4.54% in the next days, reaching $ 0.418946. Our technical indicators indicate that the current sentiment is bearish, with the Fear & Greed Index reading 27. (Fear). Over the previous 30 days, Mina Protocol has 10/30 (33%) green days and 9.24% price volatility. According to our Mina Protocol forecast, now is not the moment to buy Mina Protocol.

Technical Levels

Major support: $0.423

Major resistance: $0.457

Conclusion

On a daily chart, the MINA token price has fallen below the demand zone. The MINA token price is forming a bearish chart pattern, based on the price action. Investors should wait for a clear indication before investing.

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.

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.

Latest posts by Nancy J. Allen (see all)