Mina Price Correction Continues
The price of Mina has dropped 9% in the last 24 hours, trading at $0.6745 with a 40% decrease in trading volume. The market for MINA is currently experiencing a correction.
20-day Moving Average Provides Support
The 20-day Moving Average (MA) is now acting as support at $0.6600 for Mina’s price.
I would have liked to see $0.74 established as support for $MINA for max bullishness but we closed below.
The 20dMA is coming in at $0.66 which should hopefully hold as our next line of defense. pic.twitter.com/J09hbQ4S0E
— The Mina Report 🪶 (@TheMinaReport) November 28, 2023
Mina Forms Double Bottom Pattern
Mina’s price action has formed a double bottom pattern since October 25. This pattern is a bullish reversal formation that occurs within a downtrend when the price hits two separate lows at around the same level.
During the formation of the double bottom pattern, the volume tends to decrease, indicating a decrease in downward momentum. There is also a slight increase in volume at each low, with the second low having less volume than the first. Once the price breaks above the highest point between the two lows, it confirms a bullish signal.
The double bottom pattern indicates that sellers, who were previously in control of the price, are losing momentum and a trend reversal is likely.
Mina Price Prognosis
Based on the double bottom pattern, Mina’s price is forecasted to experience a 21% breakout. The price has already hit the target and is currently consolidating for its next move upwards.
To maintain a bullish outlook, it is important for Mina’s price to stay above the neckline at $0.6810. The Relative Strength Index (RSI) supports this outlook, as it is above 50. The Awesome Oscillator (AO) also confirms the bullish sentiment.
If buying pressure increases, Mina’s price could rise above $0.6810 and test the supply zone between $0.7880 and $0.8570. To confirm further upward movement, the price needs to break and close above the mean threshold of this order block at $0.8208.
If the support level at $0.6810 fails to hold, Mina’s price could drop further and test the support at $0.5602.
Promising Alternative: LPX Token
The LPX token is a promising alternative to Mina. It powers the LaunchpadXYZ ecosystem, which provides users with market sentiment, news, and insights for informed trading decisions.
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Hot Take: Mina’s Potential Breakout
Mina’s price is currently experiencing a correction, but the double bottom pattern suggests a potential breakout. If the price stays above the neckline and buying pressure increases, Mina could see significant gains, potentially reaching as high as $0.9648, which would be a 45% increase from current levels. However, if the support at $0.6810 fails to hold, the price could decline further.
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