thecoinrepublic.com
- 1 Mina price is currently trading at $0.47 while witnessing a gain of 2.4% during the intraday session.
- 2 Mina price trades below the 20,50,100 and 200-day EMAs.
- 3 The year to date return of Mina is 8.08% while three month return is -38.18%.
The bullish rally for Mina’s price began during the start of 2023, when it started to rise from the low of $0.423 and formed a high at $1.25. Since then, the cryptocurrency’s price has been in a strong bearish trend.
Recently, the price broke the yearly lows and melted down to form support at $0.39. The price then commenced a bullish rally to recover from the losses incurred in June. The rally could not help the price rise above $0.50 level. Bears did not find price above $0.50 justifiable which led to a downfall in the price.
The current candle is bullish and the price is seeking to establish support at the $0.45 level. The market leaders Bitcoin and Ethereum have also shown bullishness which has turned all the altcoins bullish. If the current candle closes bullish and the $0.45 support level is established, there is a high probability for the price to retest the resistance level of $0.50.
If break and close above $0.50 happens, the price might move toward the next resistance level of $0.585, causing a gain of roughly 16.50% in the price. On the other hand, if bears take control and push the price below $0.44, there is a slight possibility that the price might head toward the recently formed support level of $0.39.
For the price to retest annual highs, it needs to rise above the $1 level for gaining the trust of buyers in the market. The market capitalization of Mina is down by 1.56% to $437 million. The 24-hour volume has decreased by 6.69%.
Will Mina Price Rise Above the $0.50 Level?
Mina’s price trades below the 20,50,100 and 200-day EMAs, indicating bearish momentum in the price, but the price is slowly gaining bullishness as the market leaders are rallying ahead. Chaikin money flow score is -0.09, suggesting weakness in the market. CMF has not crossed above 0 since June 8.
The relative strength index (RSI) is 48.11, suggesting that the price is in neutral territory and might consolidate in the current region. RSI entered into the oversold zone which initiated a reversal in the price. The price faced resistance from the upper band of bollinger and the current structure shows that price is trying to form a support near the 20-day SMA of bollinger.
The long/short ratio is 1.02 with 50.69% longs and 49.31% shorts, indicating a slight higher bullish pressure in the last 24 hours to protect price from further downfall.
Conclusion
The market structure and price action of Mina has turned slightly bearish after the price faced resistance from the $0.50 level. The technical parameters suggest that there is increased participation of bulls in the market.
Technical levels
Major support: $0.43 and $0.39
Major resistance: $0.50 and $0.585
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.