25 February, 2024

MINA price seeks a 20% upside following this bullish formation; Know here

1 year ago

22 Feb, 2024

MINA turns positive amid broader crypto market recovery rally. The U.S. market trades higher despite the worrisome sentiment over the state of the economy

MINA is the native token of the world’s lightest blockchain. The token showing signs of a rebound, but the recovery remains elusive below $0.50. The mixed technical indicators indicate a short-term bounce just to capitalize on the selling opportunities.

  • MINA picked up bids and gained more than 3%, outperforming the broader crypto space.
  • Technical setup hints the bulls are targeting the $0.60 resistance mark.
  • Bitcoin was up 2.50%, and Ethereum locked gains at 2.28%.

Bullish candlestick formation hints at a bounce back

MINA price analysis is bullish for the day. Further, from a technical point of view, the upside is expected to continue in the coming few sessions. The token has formed multiple Doji candlesticks after breaking the vital horizontal support area around $0.50.

Source: Trading view

The price tested the mentioned resistance level but retreated as the bull’s face meet with critical resistance there. More conviction and additional buying participation are required to sustain the gains.

The Relative Strength Index (RSI) trades in an oversold zone for some time. However, the selling momentum is declining. Another oscillator, the Moving Average Convergence Divergence (MACD) hovers below the midline with a neutral bias. The rising histogram depicts the diminishing selling momentum.

From the short-term technical perspective, a bounce back toward $0.60 can be expected. A daily candlestick above $0.50 would strengthen the bullish outlook.

The bullish theory would be compromised if the price took a U-turn toward $0.45 or below.

After testing the high of $0.83 on November 3, the asset has depreciated nearly 45%. As it fell to its lowest at $0.45 on Monday. In addition to that, the price remains pressured below the 21-day Exponential Moving Average (EMA), which added to the bearish sentiment,

The bulls attempted to breach the upside hurdle at the moving average but could not succeed. For a trend reversal, the buyers should take out the moving average with high volumes.

As of writing, MINA/USD is reading at $0.48 with gains of more than 4%. As per Coinmarket cap, the 24-hour trading volume shoots up more than 85% at $14,514,,998. A rising volume with higher prices is a bullish sign, at least in the short term.