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At the end of last week, several cryptos tumbled and currently reside in the red zone. Like many cryptocurrencies, one such digital token, MINA, witnessed a fall and continues its descent further down into the depths of the red pit.
At the time of writing, MINA, the native token of the Mina network, is currently priced at $0.708 witnessing a fall of 0.33% and 5.23% in one hour and 24 hours, respectively. However, MINA has a trading volume of $39,315,774, with a surge of 18.50% in 24 hours, which could indicate that there is still demand for this digital asset.
Looking at the 4-hour chart, MINA fell way behind below the Support 1 region, which is $0.727, and looks like its trajectory will continue downwards for some time. Moreover, MINA’s indicators formed a death cross, as the 50 EMA crossed 200 EMA and went below it. This could also confirm that MINA will dive even further, as there are signs of a bearish season.
After the formation of the death cross, the gap between the 50 EMA and 200 EMA continues to widen, indicating that it will take some time before MINA runs with the bulls. Like many cryptos, the bears started to move against MINA on March 3, as the price closed at $0.8805 and from $0.9762.
The Relative Strength Index (RSI) is currently valued at 28.50, which is the oversold region, and traders could be expecting a rebound. However, looking at the trajectory of the price movements, MINA price will continue to remain in the oversold region, as the price continues to fall.
Furthermore, recently, the RSI crossed SMA and went upwards, however, this was a fake out, as they made a quick turn. The RSI now moves closer to the SMA and could slip under it soon.
Earlier, this week, RSI signaled MINA’s upward movement, however, it never happened and turned out to be a fake-out. Traders should closely observe the indicators before trading with MINA and observe the movement over the coming days, as it could continue to fall down. It could be considered an ideal time to purchase the token when it falls even more, as there is a belief that crypto will observe a bull run at the end of the bull season.
Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk, Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.