MINA Price Down 6%; Week Begins With Bearish Note, What’s Next?

• 1 MINA coin price prediction hints a short-term bounce from $1.00 support is possible.
• 2 The 50-day EMA is a crucial support for the Mina coin.
• 3 A sharp decline in Mina price hurts the sentiment of long-term investors.

MINA price prediction says buyers may try to halt the downfall and might show a bounce from the $1.00. It fell for seven consecutive sessions and the price may spend some time in consolidation before showing the next direction.

Mina coin price faced rejection from $1.6000 and began to fall by forming lower low candles. The sellers were aggressive and eroded 50% of the gains of December 2023. It indicates that bears are dominating and will try their best to pull the price further down.

However, the price is trading near its demand zone, so buyers will also not easily give up. The chart pattern of MINA suggests that it is in a correction phase. Buyers need to defend the $1.000 support otherwise, sellers will take control in the demand zone and erode the previous gains.

At present, the 50-day EMA is acting as a crucial support, but at any time this support may get broken. So, investors should be mentally prepared for it. The pair of MINA/USDT is trading at $1.0003 with a one-day downtick of 6.33%.

MINA Price Struggles Near $1.00; Will Bulls Defend the Support?

MINA crypto price is inside the bear’s grip and no sign of bounce is visible in the chart. However, as long as the price holds the $1.000 level, it will be risky to build fresh shorts.

Buyers and sellers both are having a tough battle near $1.00. If buyers win, a bounce will be visible and if they don’t, a breakdown will be there.

Until the MINA crypto holds the 50-day EMA, the probability of a bounce is high. However, the confirmation of reversal will come when buyers can push the price above $1.3000. The analysis suggests that investors should avoid fresh buying until confirmation of reversal is visible.

Will MINA Crypto Decline More?

Mina coin price fell 21% in the last week and formed a bearish hammer candle on a weekly chart. Moreover, it begins the current week with a bearish note and sellers trying to give the follow-down momentum.

If the decline continues and the price slips below $1.00, then another round of sell-off may be visible. However, if the price reverses upward, new participants may enter to halt the downfall.

Conclusion

MINA price prediction suggests the downfall in this coin might take a halt near $1.00. The buyers are trying to show a bounce, but until the confirmation is visible, it’s risky to build fresh longs.

Technical levels

• Resistance levels: $1.3383 and $1.6961
• Support levels: $0.9200 and $0.5800

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.