Mina Price Prediction: MINA Coin Crashes 9% While Top Crypto Analysts Are Quietly Loading Up On This Presale With Only Hours Left Until Price Hike

ByLockridge Okoth

Updated: 28 November 2023

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The Mina price is down 9% in the last 24 hours to trade for $0.6745 as of 2:30 AM EST with trading volume dropping 40% as the MINA market tilts towards a correction.

The 20-day Moving Average (MA) is now providing support at $0.6600.

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

— Mina Report 🪶 (@TheMinaReport) November 28, 2023

Mina’s price action since October 25 has consolidated into a double-bottom pattern. This is a bullish reversal pattern, presenting a technical formation. It occurs within a downtrend when the asset’s price hits two separate lows at approximately the same level.

During the formation of this chart pattern, the volume tends to indicate a decrease in downward momentum, diminishing with the pattern developing. There is also a slight increase in volume at each low, typically less on the second low. Eventually, the price breaks above the highest point between the two lows, confirming a bullish signal.

Being a bullish reversal pattern, the double-bottom technical formation occurs at the bottom of a downtrend, signaling that the sellers, previously in control of the asset’s price action, are losing momentum. It resembles the letter “W” with the two-touched low and a change in the trend direction from a downtrend to an uptrend.

The target objective of the double bottom pattern is determined by measuring the height from the bottom to the neckline. Then, this height is superimposed at the breakout point.

Mina Price Prognosis As Mina Price Forms a Double Bottom Pattern

Mina’s price action, forming a double bottom pattern, forecasted a 21% breakout, as the chart below indicates. After activating the breakout and hitting the 21% target, the price pullback coils up for the next move north.

It is critical that Mina’s price is above the neckline at $0.6810. The Relative Strength Index (RSI) supports this bullish outlook, above 50. The Awesome Oscillator (AO) also corroborates the thesis, recording green histogram bars to show the bulls are leading the MINA market.

Increased buying pressure could see Mina’s price bounce above $0.6810, extending north to test the supply zone, extending from $0.7880 to $0.8570. To confirm the move north, the price breaks and closes above the mean threshold of this order block, which is above $0.8208.

Such a move would set the tone for Mina’s price to flip the supply zone into a bullish breaker by breaching the roof of the supply barrier at $0.8612. In a highly bullish case, the gains could extrapolate for the price to tag the $0.9648 range high and, in so doing, clear the October 24 range high. Such a move would constitute a 45% climb above current levels.

Mina price — TradingView: MINA/USDT 1-day chart

On the flip side, if the $0.6810 support level fails to hold, Mina’s price could extend south, potentially stretching a leg lower to test the $0.5602 support.

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