MINA Price Analysis : MINA price sinks below yearly lows $0.500, more downside coming ?

• MINA price rejected 50 day EMA and slipped below yearly lows.
• The MACD had generated negative crossover whereas RSI at 30, denotes prices are in oversold territory and may trigger a relief rally soon.

MINA Prices were trading with bearish cues and bears were continuing its dominance on higher levels. As per coin glass, in the last 12 hours, MINA long and short ratio stood at 1.12 denotes buying positions are more as compared to shorts but prices seem to be in opposite direction. Currently, MINA/USDT is trading at $0.439 with the intraday loss of 2.44% and 24 hour volume to market ratio stood at 0.0155

More downside possible ?

Source : MINA/USDT 4 hour chart by Tradingview

On a daily time frame, MINA prices look in a downtrend and continuously slipping down by forming lower lows candles indicating bearishness may continue in coming days. In the end of October buyers once tried to reverse the trend in the favor of bulls but unfortunately, prices were not able to sustain the higher levels and prices lost all its previous gains.

Recently, prices had broken down to yearly low support of $0.500 which triggered negative sentiment into the coin and prices are likely to trade with negative bias in coming days. The 50 day EMA (yellow) sloping down will act as an immediate hurdle in coming days followed by next will be at $0.604 and $0.798. On a lower side, $0.397 may act as a temporary support in the coming few weeks. The MACD had generated negative crossover indicating weakness may continue in prices whereas RSI at 30, denotes prices are in oversold territory and may trigger a relief rally soon.

Bear dominance is visible

Source : MINA/USDT 4 hour chart by Tradingview

On a lower time frame, MINA price chart is similar to higher time. The yearly low breakdown with the strong bearish candle indicates the bear’s dominance in the higher levels. The supertrend indicator has generated a sell signal and red line continuously trailing down indicates short term trend may stay into the bear grip. However, if bulls succeed to reclaim $0.500 level we may see some temporary pullback rallies.

Summary

MINA Prices had disappointed its bullish investors by slipping below the important support level of $0.500 which triggered more negative sentiment in the MINA prices.

As of now, prices did not show any signs of upside trend reversal so, it’s better to avoid MINA at current levels.

Technical levels

Resistance levels : $0.500 and $0.604

Support levels : $0.397 and $0.350

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 financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Source